I am progressing with the sale of my ground floor flat in Mulbarton and the estate agent has just telephoned to say that the purchasers are swapping law firm. The reason given is that the lender will only engage with solicitors on their approved list. On what basis would a big named mortgage company only engage with specific law firms rather the firm that they want to select to handle their conveyancing in Mulbarton ?
Lenders have always had an approved set of law firms they are willing to work with, 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 many years.
Mortgage companies point to the increase in fraud as the reason for the pruning – criteria have been stiffened 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 being contacted daily by practices that have been removed from panels. Some are unaware that 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 unlikely to have any impact on this.
Why do I have to pay up front for my conveyancing in Mulbarton?
Where you are retaining lawyers for conveyancing in Mulbarton your lawyer will request that you place them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. When the deposit is as part of the total price then this should be asked for shortly ahead of contracts are exchanged. Any further balance that is due should be sent to your lawyer a couple of days ahead of the completion date.
Are there restrictive covenants that are commonly identified during conveyancing in Mulbarton?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Mulbarton. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am buying a new build house in Mulbarton with the aid of help to buy. The sellers refused to budge the amount so I negotiated 6k of extras instead. The house builders rep suggested that I not to tell my conveyancer about this extras as it may jeopardize my loan with the bank. 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.
My father-in-law has urged me to instruct his conveyancers in Mulbarton. Do I follow his recommendation?
No doubt the best way to select a conveyancing solicitor is to have referrals from friends or relatives who have used the firm that you are considering.
I see that you have a search directory identifying solicitors on the mortgage company conveyancing panel. Do Mulbarton conveyancing firms pay you a referral fee if I instruct them for my conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the bank conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint for your conveyancing in Mulbarton.