I am nearing exchange of contracts for my maisonette in Milton Keynes and the EA has just e-mailed to say that the buyers are switching solicitor. The excuse is that the mortgage company will only deal with solicitors on their conveyancing panel. On what basis would a big named lender only deal with certain solicitors rather the firm that they want to appoint for their conveyancing in Milton Keynes ?
Lenders have always had an approved set of law firms that can represent them, but in recent 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 more than 15 years.
Mortgage companies blame a rise in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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. The purchasers are not going to have any sway in the decision.
Can you help? My Milton Keynes solicitor is assuring me that he has toorder Milton Keynes conveyancing searches resulting from the fact thatthe firm are on the HSBCconveyancing panel. Do I not have any options here?
Unfortunately both you and your lawyer have little choice here. Given that you are taking out a loan with a bank your lawyer 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 lender’s conveyancing panel appointment which obliges them to follow the Council of Mortgage Lenders’ Handbook provisions . Even if you were a cash buyer you would be ill advised not to carry out Milton Keynes conveyancing searches.
What is the first thing I need to know about purchase conveyancing in Milton Keynes?
Not many law firms or advisers will tell you this but conveyancing in Milton Keynes and elsewhere in England and Wales is an adversarial experience. In other words, when it comes to conveyancing there is an abundance of room for friction between you and others involved in the home moving process. E.g., the seller, property agent and sometimes your mortgage company. Appointing a law firm for your conveyancing in Milton Keynes should not be taken lightly as your conveyancer is your adviser, and is the ONE party in the transaction whose role it is to protect your legal interests and to protect you.
We are witnessing a distinct creep of a "blame" culture- someone has to be blamed for the process taking so long. You your first instinct should be to trust your conveyancer ahead of the other parties in the conveyancing process.
We are buying a house and the conveyancer has mentioned Chancel Repair for which the house could be liable as it falls into the area of such a church. She has suggested insurance. Is this really warranted for conveyancing in Milton Keynes
Unless a prior acquisition of the house took place post 12 October 2013 you may expect lawyers delivering conveyancing in Milton Keynes to continue to recommend a chancel search and or chancel repair liability policy.
I am purchasing a new build house in Milton Keynes with a mortgage from Accord Mortgages Ltd. The sellers refused to budge the price so I negotiated 6k of additionals instead. The property agent advised me not inform my conveyancer about this extras as it could adversely affect my loan with the lender. Do I keep my lawyer in the dark?.
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.
How straightforward is it to use the search facility to get a fee calculation from a conveyancing solicitor in Milton Keynes on the authorised to act for my mortgage?
First select a bank such as Santander, Barnsley Building Society or Clydesdale then specify your preferred area for example Milton Keynes. Conveyancing firms in Milton Keynes and further afield should be identified.