I am in the process of selling my flat in North Cave and the estate agent has just telephoned to warn that the purchasers are swapping law firm. The excuse is that the lender will only deal with solicitors on their conveyancing panel. Why would a big named lender only engage with certain lawyers rather the firm that they want to appoint to handle their conveyancing in North Cave ?
Mortgage companies have always had an approved set of law firms they are content to work with, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lenders point to the increase in fraud by way of justification for the reduction – criteria have been narrowed 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 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 buyers are unlikely to have any impact on this.
I am due to exchange contracts on my house. I had a double glazing fitted in June 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Nottingham are being a right pain. The North Cave solicitor who is on the Nottingham conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Nottingham are requiring a building regulation certificate. Why do Nottingham have a conveyancing panel if they don't accept advice from them?
It is probably the case that Nottingham have referred the matter to their valuer. The reason why Nottingham may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I was told four weeks ago that my mortgage has been agreed to by Barclays. Is it usual for Barclays to only issue the offer once my solicitor in North Cave is approved on their conveyancing panel? Barclays have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Barclays to deal with your lawyer's application to be on the Barclays conveyancing panel. There's no guarantee that your solicitor will be accepted.
Having digested plenty 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 North Cave solicitor - who is on the Bank of Ireland conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Bank of Ireland will need an independent valuation of the property. Your lawyer will not arrange this. Usually Bank of Ireland 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. You may wish to consider appointing your own North Cave surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Will my lawyer be raising questions regarding flooding as part of the conveyancing in North Cave.
Flooding is a growing risk for lawyers specialising in conveyancing in North Cave. There are those who purchase a house in North Cave, fully expectant that at some time, it may suffer from flooding. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Lawyers are not qualified to give advice on flood risk, however there are a number of searches that may be initiated by the purchaser or on a buyer’s behalf which should figure out the risks in North Cave. The standard property information forms sent to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the seller to determine if the property has historically flooded. In the event that flooding has previously occurred and is not revealed by the seller, then a buyer may issue a legal claim for losses as a result of such an inaccurate reply. The buyer’s conveyancers should also conduct an environmental report. This should disclose whether there is any known flood risk. If so, more detailed investigations should be initiated.
I have recentlyfound out that Stirling Law have been shut down. They conducted my conveyancing in North Cave for a purchase of a freehold house 9 months ago. How can I be sure that my home is not still registered in the name of the former proprietor?
The easiest way to see if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of North Cave conveyancing specialists.
I'm purchasing a new build house in North Cave benefiting from help to buy. The sellers refused to budge the amount so I negotiated £7000 of additionals instead. The estate agent suggested that I not disclose to my solicitor about this extras as it would adversely affect my loan with Virgin Money. Is this normal?.
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.
In searching the internet for the phrase on line conveyancing in North Cave it reveals many conveyancersin the area. How do I determine which is the right conveyancing solicitor for my move?
The ideal method of choosing a suitable conveyancer is via personal referral, so seek the counsel of friends and relatives who have acquired a property in North Cave or a respected estate agent or mortgage broker. Charges for conveyancing in North Cave differ, so it's sensible to secure at least three estimates from varying types of conveyancers. Dont forget to clarify that the fees are fixed.