I am selling my flat in Leiston and the EA has just e-mailed to advise that the buyers are changing their conveyancer. The excuse is that the lender will only work with property lawyers on their conveyancing panel. Why would a big named lender only engage with certain lawyers rather the firm that they want to appoint for their conveyancing in Leiston ?
UK lenders have always had an approved set of law firms that can act for them, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Mortgage companies justify this action to a rise in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are unlikely to have any sway in the decision.
What does my ID and proof of funds have anything to do with my conveyancing in Leiston? What am I being asked for?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the ID of the person or body they are dealing with prior to agreeing to accepting their conveyancing instruction. The Client Care letter that you need to sign will no doubt stipulate this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Where you refuse to supply identification documents, your solicitor will not be able to take you on as a client.
Can you clarify what the consequences are if my solicitor is expelled from the Coventry BS Conveyancing panel ahead of completing my conveyancing in Leiston?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I'm purchasing a new build house in Leiston with a mortgage from Yorkshire Building Society. The builders would not budge the amount so I negotiated 6k of fixtures and fittings instead. The sale representative suggested that I not reveal to my conveyancer about this deal as it could affect my mortgage with Yorkshire Building Society. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
My company is planning to lease a unit on the high street. Can you recommend conveyancers offering no-move-no charges for non-domestic conveyancing in Leiston for under £2000?
We can recommend firms who host a wealth of experience of commercial conveyancing in Leiston, including the disposal and acquisition of businesses as well as simply premises. If you are looking to buy or lease a shop, pub, restaurant, office, retail unit or a complete business we will find you the right solicitor. As for the fees this will depend on the structure and heads of terms of the proposed transaction. Let us have your contact information or call us so that we may furnish you with a fixed commercial conveyancing quote.
My step-father has suggested that I instruct his lawyers for conveyancing in Leiston. Do I take his advice?
Much as we are happy to recommend a Leiston conveyancing lawyer it’s preferable to select a conveyancing practitioner is to have referrals from friends or relatives who have previously instructed the firm you're are thinking of instructing.