I am selling my apartment in Newbridge and the EA has just text me to warn that the purchasers are appointing a new solicitor. The excuse is that the bank will only work with property lawyers on their approved list. On what basis would a leading lender only work with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Newbridge ?
Lenders have always had panels of law firms they are content to work with, but in the past few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for over 25 years.
Mortgage companies point to the increase in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to monitor. 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. Your buyers are unlikely to have any sway in the decision.
We are purchasing a 1 bedroom apartment in Newbridge with a loan from Skipton Building Society.We would like to retain our Newbridge conveyancing practitioner but Skipton Building Society advised that she’s not listed on their approved list of member firms. We have to appoint a Skipton Building Society panel solicitor or keep our high street solicitor and fork out for a Skipton Building Society panel lawyer to act for them. This seems very unfair; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that solicitors must be on the Skipton Building Society solicitor panel. in the past, most banks had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Skipton Building Society
Does a directory service exist listing TSB panel solicitors in Newbridge on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such directory service on the CML or Building Society Association websites. Very few mortgage companies make their panel listings available online. If you are in need of a Newbridge property lawyer on the TSB please make the most of our tool.
We had instructed conveyancers with offices in Newbridge on the Principality solicitor panel. They are now charging me an additional charge for the legal aspects of the Principality mortgage. Is this an additional conveyancing fee set by Principality?
As unfair as it may appear, as long as it’s in their Terms and Conditions or estimate then yes your conveyancer can charge a fee for this. This charge is not set by Principality but by your Newbridge property lawyer. Some firms on the Principality panel will levy an ‘acting for lender’ fee and others do not.
Having read lots of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Newbridge solicitor - who is on the Skipton conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Skipton will need an independent valuation of the property. Your lawyer will not arrange this. Usually Skipton will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Newbridge postcode. As you are getting a mortgage with Skipton, you could contact them to see if they have a list of approved surveyors in Newbridge.
I am buying my first flat in Newbridge with a mortgage from Leeds Building Society. The developers would not budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep told me not inform my conveyancer about the deal as it could put at risk my mortgage with Leeds Building Society. Should I keep quiet?.
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 business partner and I are intending to lease a unit on the high street. Can you recommend lawyers offering competitive charges for non-domestic conveyancing in Newbridge for less than 1500k?
We are happy to recommend firms who host a wealth of experience of commercial conveyancing in Newbridge, including the sale and acquisition of businesses as well as simply property. Whether you are intending to acquire or dispose of a shop, pub, restaurant, office, retail unit or a complete business we can find you the right firm. As for the costs this will depend on the structure and complexity of the proposed transaction. Please provide us with your contact information or email so as to enable us to supply you with a fixed commercial conveyancing calculation.
Should I go with a Newbridge conveyancing solicitor in close proximity to the house I am hoping to buy? We have a good friend who can conduct the conveyancing however his firm is located 200miles drive away.
The benefit of a local Newbridge conveyancing practice is that you can drop in to execute paperwork, present your identification documents and pester them where appropriate. Having local Newbridge know how is a plus. That being said nothing is more important than finding someone that will pull out all the stops for you. If if people you trust instructed your friend and on the whole were content that should trump using an unfamiliar Newbridge conveyancing lawyer just because they are Newbridge based.