I am 3 weeks into the sale of my house in Old Stratford and the estate agent has just telephoned to warn that the buyers are changing their property lawyer. I am told that this is due to the fact that the bank will only work with property lawyers on their approved list. On what basis would a leading mortgage company only deal with specific lawyers rather the firm that they want to appoint for their conveyancing in Old Stratford ?
UK lenders have always had panels of law firms that can act for them, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Lending institutions blame a rise in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to oversee. Banks tend not to reveal 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. Your purchasers are not going to have any sway in the decision.
Do the Building Society Association intend to launch a search tool with a view to to identify law firms on the Loughborough BS conveyancing panel for instance in Old Stratford?
We have not been informed any plans on the part of the BSA to promote such a search facility.
I used Action Conveyancing several years ago for my conveyancing in Old Stratford. I now require my papers but cannot find the solicitor. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Old Stratford of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I am buying my first flat in Old Stratford with a loan from Platform Home Loans Ltd. The builders refused to reduce the amount so I negotiated five thousand pounds worth of additionals instead. The estate agent told me not disclose to my lawyer about the side-deal as it will jeopardize my mortgage 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.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one close by in Old Stratford I like with a park and transport links in the vicinity, the downside is that it's only got 61 remaining years left on the lease. I can't really find anything else in Old Stratford for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
Am I right to be concerned by 3rd parties that I am dealing with are recommending a national conveyancing firm rather than a High Street Old Stratford conveyancing company?
As with lots of professional services, often referrals from connections can be very helpful. Yet there are many people with a keen interest in a conveyancing deal; estate agents, mortgage brokers and mortgage companies may recommend conveyancers to use. On occasion the solicitors might be known to one of the organisations as experts in their field, but sometimes there behind the scenes commercial relationship behind the recommendation. You are free to select your preferred conveyancer. Don't forget that the majority of banks have an approved list of solicitors you have to use for the lender aspect of your house move.