I am progressing with the sale of my apartment in Lowestoft and the EA has just text me to say that the purchasers are swapping law firm. The excuse is that the mortgage company will only deal with property lawyers on their conveyancing panel. On what basis would a big named mortgage company only engage with specific law firms rather the firm that they want to select to handle their conveyancing in Lowestoft ?
Lenders have always had an approved set of law firms they are content to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Banks blame a rise in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to maintain. No lender will say 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. Your buyers are unlikely to have any sway in the decision.
My wife and I are close to exchanging contracts on the sale of our home in Lowestoft and according to the buyers it appears that there is a possibility that the property was built on contaminated land. A high street Lowestoft lawyer would know this is not the case. It does beg the question why the buyers used an internet conveyancing outfit rather than a conveyancing solicitor in Lowestoft. We have lived in Lowestoft for three years we know that this is a non issue. Do we get in touch with our local Authority to obtain clarification that there is no issue.
It sounds as though you may have a conveyancing firm already. What do they say? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
I have todaybecome aware that Arc property Solicitors have closed. They conducted my conveyancing in Lowestoft for a purchase of a leasehold apartment 9 months ago. How can I establish that the property is in my name in the name of the former proprietor?
The quickest way to see if the premises 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 Lowestoft conveyancing specialists.
I'm buying my first flat in Lowestoft with a loan from Nottingham Building Society. The sellers refused to budge the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative advised me not disclose to my solicitor about this extras as it would adversely affect my mortgage with Nottingham 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.
I opted to have a survey done on a property in Lowestoft before appointing solicitors. I have been told that there is a flying freehold overhang to the house. Our surveyor has said that some mortgage companies will not give a loan on a flying freehold property.
It depends who your proposed lender is. Bank of Scotland has different requirements from Birmingham Midshires. If you call us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Lowestoft. Conveyancing will be smoother if you use a solicitor in Lowestoft especially if they are familiar with such properties in Lowestoft.
Me and my wife are looking at buying our first property in Lowestoft. Is it possible for you to suggest a good Lowestoft solicitor that will assist us as well as act for Clydesdale?
The purpose of this site is limited to being a directory service for lawyers who want to be listed as being on the approved conveyancing panel for Clydesdale in certain locations for example Lowestoft . Our intention is not to recommend any particular conveyancer.