I am not well enough to travel far from Llay. Is there a reason why all Llay conveyancing practitioners aren't included on all mortgage company panels?
Mortgage companies point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year.The dismissal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its conclusions included recommendations for lending institutions to review their conveyancing panels, which kicked off a major policy change in the sector. This led to lenders removing less reputable firms from their books of approved conveyancers .
My husband and I are nearing an exchange on a property in Llay and my mum and dad have transferred the 10% deposit to my conveyancer. I am now advised that as the deposit has not come from me my lawyer needs to disclose this to my lender. I am advised that, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I informed the lender regarding my parents' contribution when I applied for the mortgage, so is it really necessary for this now to be an issue?
The conveyancer is obliged to check with mortgage company to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your bank if you agree, failing which, your lawyer must cease to continue acting.
We are purchasing a 1 bedroom apartment in Llay with a mortgage from Birmingham Midshires.We would like to retain our Llay conveyancing solicitor but Birmingham Midshires advised that her practice is not on their "panel". It seems we are left with little choice but to instruct a Birmingham Midshires panel solicitor or retain our preferred solicitor and pay for one of their panel ones to act for them. This seems very unfair; Can we not simply insist that Birmingham Midshires use our lawyer?
Unfortunately,no. The loan offered to you contains terms and conditions, one of which will be that lawyers will be on the Birmingham Midshires approved list. in the past, most lenders had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Birmingham Midshires
I have todaydiscovered that Stirling Law have been shut down. They carried out my conveyancing in Llay for a purchase of a leasehold flat 9 months ago. How can I be sure that my home is registered correctly in the name of the former proprietor?
The quickest way to check if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Llay conveyancing specialists.
I have been recommended by numerous property agents in Llay to get a quote from a solicitor using your seach tool. What’s the financial upside for Estate Agents to promote your lawyers ahead of another?
We don’t give any commission for sending work our way. We thought it would be too underhand a fee because a client could think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
I note that you have a post code search directory identifying solicitors on the mortgage company conveyancing panel. Do Llay conveyancing firms pay you a commission if I appoint them for my conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the lender conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint for your conveyancing in Llay.