I am nearing exchange of contracts for my house in Petersfield and the estate agent has just e-mailed to advise that the purchasers are swapping solicitor. I am told that this is due to the fact that the lender will only work with solicitors on their conveyancing panel. On what basis would a major mortgage company only engage with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Petersfield ?
Mortgage companies have always had panels of law firms that can represent them, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Lenders point to the increase in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to reveal 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 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 buyers are unlikely to have any sway in the decision.
My partner and I are purchasing a newly constructed duplex in Petersfield and my lawyer is informing me that she has to the lender to disclose incentives from the developer. I am under pressure to exchange and my preference is not to prolong deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
When will exchange of contracts happen for residential conveyancing in Petersfield and am I required to be at the conveyancers branch?
If you are local to our conveyancing solicitors in Petersfield you are welcome to attend to sign documents. However, the firms we work with offer countrywide coverage for conveyancing and provide as equally diligent and professional a job for you when communicating with you by post or email. The signing of the contract is not when everything is set in stone. Signing on the dotted line simply enables the solicitor to officially exchange when the time is right, which is ordinarily shortly after signing. The exchange process is is usually a five minute process, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Petersfield)to be in the office available at the end of the phone to exchange contracts.
I have an AIP. The bank mentioned the home loan came with free conveyancing. Is the implication that I have to appoint their panel conveyancer as I would prefer to appoint a high street conveyancing solicitor in Petersfield?
You should check but the the probability is that give you one of their panel lawyers where you take up the "fee-free" incentive. Speak to the lender to determine if they offer you a cash alternative. In the past a few mortgage companies offered a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor in Petersfield.
When it comes to lenders such as Nottingham, do Petersfield solicitors face a fee to be on the list of approved solicitors?
We are not aware of any bank fees to register on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
I am selling my apartment. I had a double glazing fitted in September 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Virgin Money are being problematic. The Petersfield solicitor who is on the Virgin Money conveyancing panel is saying indemnity insurance will be fine but Virgin Money are requiring a building regulation certificate. Why do Virgin Money have a conveyancing panel if they don't accept advice from them?
It is probably the case that Virgin Money have referred the matter to their valuer. The reason why Virgin Money 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.
After what feels like an age I have had an offer on a flat in Petersfield agreed to, the vendors do however have a dependent purchase. The owners have placed an offer on a flat, but it’s not yet tied up, and are looking at other apartments booked. I have instructed a nearby conveyancing solicitor in Petersfield. What should be my next step? When do I get the mortgage application with Aldermore started?
It is usual to have concerns where there is a chain as you are unlikely to want to incur costs prematurely (home loan application is in the region of one thousand pounds, then valuation, Petersfield conveyancing search costs, etc). The first course of action is to ensure that your conveyancing practitioner is on the Aldermore approved list. Regarding the subsequent steps this very much dictated by the specifics of your transaction, desire for the property and on the state of the market. During a hot market many home buyers would apply for a home loan with Aldermore and arrange for the valuation and only if it was satisfactory would they ask their conveyancing practitioner to press on with searches.
Yesterday I discovered that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a simple, no chain conveyancing. Petersfield is where the house is located. Can you offer any assistance?
Flying freeholds in Petersfield are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Petersfield you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Petersfield may ascertain 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 residence.