I am selling my flat in Moorends and the estate agent has just called to warn that the buyers are appointing a new solicitor. I am told that this is due to the fact that the lender will only deal with property lawyers on their approved list. Why would a major lender only engage with certain lawyers rather the firm that they want to select for their conveyancing in Moorends ?
Lenders have always had panels of law firms that can act for them, but in the last few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders point to the increase in fraud as the reason for the pruning – 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. Plenty of firms 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 sway in the decision.
My apartment in Moorends is up for sale and I have a purchaser. Does the conveyancing practitioner have to be required to be on the Kent Reliance conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Kent Reliance 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 at the moment.
We are planning on selling our property in Moorends and the buyers lawyers are claiming that there is a risk of it being constructed on contaminated land. Any local lawyer would know that there is no such problem. It does beg the question why the buyers instructed a national conveyancing practice rather than a conveyancing solicitor in Moorends. We have lived in Moorends for six years we know of no issue. Do we contact our local Authority to obtain clarification that the buyers are looking for.
It would appear that you have a conveyancing lawyer already. Are they able to advise? You must enquire of 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 ailment)
I'm purchasing a new build house in Moorends benefiting from help to buy. The developers would not move on the price so I negotiated £7000 of additionals instead. The sale representative advised me not inform my lawyer about the extras as it would affect my mortgage with Alliance & Leicester . Should I keep quiet?.
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.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a quick, chain free conveyancing. Moorends is where the house is located. Is there any advice you can impart?
Flying freeholds in Moorends are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Moorends you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Moorends may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
What are the distinct benefits to selecting a local conveyancing practitioner in Moorends
Home movers in Moorends choose a local lawyer so that they can visit in the event that they have concerns, and to collect paperwork rather than depending on the Royal Mail.
There is a slight advantage when selecting a property lawyer local to a property you are purchasing, due to the familiarity of the area and possible local issues - but this is debatable. Most conveyancers are now via the internet and may be based anywhere.