I am nearing exchange of contracts for my home in Perton and the estate agent has just text me to advise that the buyers are switching solicitor. The excuse is that the lender will only engage with property lawyers on their approved list. Why would a leading lender only deal with certain solicitors rather the firm that they want to choose for their conveyancing in Perton ?
Mortgage companies have always had panels of law firms they are willing to work with, 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 represented them for more than 15 years.
Mortgage companies point to the increase in fraud by way of justification for the pruning – criteria have been stiffened 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. The buyers are unlikely to have any sway in the decision.
We note that you have a search directory identifying firms on the TSB conveyancing panel. Do firms pay you a commission if I appoint them for our own conveyancing in Perton?
We are a listing service only for law firms wishing to communicate if they are on the TSB conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Perton.
A relative suggested that where I am purchasing in Perton I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes quoted for as part of the standard Perton conveyancing searches. It is a large report of about 40 pages, listing and setting out important information about Perton around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful data regarding Perton.
I am purchasing a new build house in Perton with the aid of help to buy. The sellers refused to budge the amount so I negotiated £7000 of fixtures and fittings instead. The property agent told me not reveal to my solicitor about this extras as it may adversely affect my mortgage with Nationwide 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.
I've recently found out that there is a flying freehold issue on a property I put an offer in a fortnight ago in what should have been a straight forward, chain free conveyancing. Perton is where the house is located. Can you offer any advice?
Flying freeholds in Perton are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Perton you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Perton may determine 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.
Is it the case that all Perton property lawyers on every bank conveyancing panel?
You can use our search tool or you can pop into your local lender branch in Perton. the probability is that they will know some good conveyancing solicitors in Perton