Me and my partner are buying a 1 bedroom apartment in March with a mortgage. We like our March conveyancer, but the mortgage company says she’s not on their "panel". We have to appoint one of the mortgage company panel conveyancing practices or keep our March conveyancing practitioner as well as pay for one of their panel ones to represent them. We regard this is inequitable; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms 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. A further alternative is for your March conveyancing lawyer to apply to be on the conveyancing panel.
At what point does exchange of contracts occur in sale conveyancing in March and do I need to attend the conveyancers branch?
Where you are local to one of the conveyancing solicitors in March you are welcome to attend to sign contracts. However, the lender approved solicitors we work with supply a nationwide conveyancing service and provide just as detailed and professional a job for you when communicating with you by post or email. The signing of the contract is not when everything is set in stone. Signing on the dotted line is just a prerequisite for the conveyancer to exchange contracts when the time is right, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where an extended "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in March)to be in the office at the appropriate time.
How do I investigate if the solicitor conducting my conveyancing in March is on the mortgage lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Bank of Ireland thus spending £187.00 plus VAT in additional conveyancing bill.
You should take advantage of the search tool on this page. Please choose the lender and type ‘March’ or your location and you will discover numerous conveyancers offices in March or nearest you.
I have been told that property searches are the main reason for hinderance in March conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not figure within the common causes of delays in the conveyancing process. Local searches are unlikely to feature in any holding up conveyancing in March.
Despite weeks of looking the Title Certificate and documents to my property can not be found. The solicitors who did the conveyancing in March 10 years ago are no longer around. Will I be able to sell the house?
These day there are copies made of almost everything, and your conveyancer will be aware exactly where to locate all the relevant documentation so you can buy or dispose of your property without a hitch. If copies are not available, your solicitor can put in place insurance or indemnities protecting you against future claims on the property.
I am purchasing my first flat in March benefiting from help to buy. The developers would not reduce the price so I negotiated 6k of extras instead. The sale representative suggested that I not inform my lawyer about the deal as it will affect my loan with the lender. Is this normal?.
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.