I am selling my maisonette in Menai Bridge and the estate agent has just text me to warn that the purchasers are appointing a new conveyancer. The excuse is that the mortgage company will only deal with solicitors on their conveyancing panel. Why would a major mortgage company only engage with certain law firms rather the firm that they want to choose for their conveyancing in Menai Bridge ?
Lenders have always had an approved set of law firms that can represent them, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Lending institutions attribute this action to a rise in fraud as the reason for the reduction – criteria have been tightened 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 claims that it is hearing daily from firms that have been removed from panels. Some do not even realise 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.
I do hope you can help me. My Menai Bridge conveyancer is advising me that he has toorder Menai Bridge conveyancing searches becausethe firm are on the Santandersolicitor panel. Is my solicitor correct?
Unfortunately both you and your lawyer have little choice here. Given that you are taking out a loan with a bank your conveyancer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to comply with the CML Handbook provisions . Even if you were a cash buyer you would be ill advised not to carry out Menai Bridge conveyancing searches.
The Menai Bridge conveyancing lawyers that I appointed last week on my house acquisition in Menai Bridge have without warning closed. I chose them because I needed a solicitor on the Skipton conveyancing panel and my preferred Menai Bridge lawyer was not. I paid them funds on account. What should be my next steps?
Assuming that you have an Estate Agent in the equation then inform them immediately so that they advise the vendors that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Skipton conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to help.
I need some fast conveyancing in Menai Bridge as I am under an ultimatum to exchange contracts in less than one month. A home loan is not required. Is it possible to avoid the conveyancing searches to save fees and time?
As you are not obtaining a mortgage you have the choice not to do searches although no conveyancer would recommend that you don't. With plenty of history conveyancing in Menai Bridge the following are examples of what can arise and adversely affect future saleability: Enforcement Notices, Overdue Fees, Outstanding Grants, Road Schemes,...
My wife and I own a terraced Edwardian house in Menai Bridge. Conveyancing lawyer acted for me and Accord Mortgages Ltd. I did a free Land Registry search last week and there are two entries: the first freehold, the second leasehold under the exact same address. If a house is not a freehold shouldn't I have been informed?
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Menai Bridge and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the situation with your conveyancing practitioner who conducted the purchase.
I am buying my first flat in Menai Bridge benefiting from help to buy. The builders refused to move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative told me not to tell my lawyer about the extras as it could adversely affect my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.