I am in the process of selling my home in Miles Platting and the estate agent has just telephoned to say that the purchasers are changing their property lawyer. The excuse is that the bank will only engage with solicitors on their conveyancing panel. Why would a major lender only engage with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Miles Platting ?
Mortgage companies have always had panels of law firms that can act for them, but in recent 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 over 25 years.
Lending institutions justify this action to a rise in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to maintain. Banks tend not to disclose 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 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 not going to have any impact on this.
We are about to exchange contracts for a leasehold flat in Miles Platting. We encountered a snag. Our loan offer with Santander expires on 22/6/2026 but the sellers are putting forward a completion date of 24/6/2026. Can one extend the loan offer?
The person best placed to deal with your concern is your lawyer who is in a position to calculate if they better off negotiating with the mortgage broker, vendor’s representatives, estate agents or indeed all parties given the circumstances your conveyancing as of today.
I am selling my home in Miles Platting. Will my conveyancing practitioner need to be on the Co-operative conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the Co-operative conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently in recent years.
4 months have elapsed since my purchase conveyancing in Miles Platting completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am buying my first flat in Miles Platting with a mortgage from Barnsley Building Society. The developers would not move on the amount so I negotiated £7000 of additionals instead. The sale representative suggested that I not disclose to my conveyancer about this extras as it could jeopardize my loan with the bank. 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.
Due to the input of my in-laws I had a survey completed on a house in Miles Platting before retaining conveyancers. I have been told that there is a flying freehold aspect to the house. The surveyor has said that some mortgage companies tend refuse to grant a loan on a flying freehold home.
It varies from the lender to lender. Lloyds has different requirements for example to Halifax. If you contact us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Miles Platting. Conveyancing will be smoother if you use a solicitor in Miles Platting especially if they regularly deal with such properties in Miles Platting.