I am selling my apartment in Prestbury and the EA has just e-mailed to warn that the buyers are appointing a new property lawyer. The excuse is that the mortgage company will only deal with solicitors on their approved list. On what basis would a big named mortgage company only work with certain law firms rather the firm that they want to select to handle their conveyancing in Prestbury ?
Lenders have always had panels of law firms they are willing to work with, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Mortgage companies point to the increase in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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. Your purchasers are unlikely to have any impact on this.
Are you able to suggest a Norwich and Peterborough Building Society sanctioned Prestbury conveyancing firm that can complete within two weeks? Would it be better to use a local Prestbury practice or a factory type firm?
We would be happy to suggest some excellent Prestbury conveyancing firms. Another option is to visit the high street in Prestbury. Approach a couple of firms and request to see a conveyancing solicitor for a costs illustration. Mention your deadline together with the reasons and ask for an assurance on your deadline. Choose the lawyer that genuine.
In what way does my ID and proof of funds have anything to do with my conveyancing in Prestbury? What am I being asked for?
It is indeed that case that these requests have nothing to do with conveyancing in Prestbury. Nowadays you will not be able to complete any conveyancing transaction in the absence supplying proof of your identity. This usually takes the form of a either your passport or driving licence and a council tax bill. Please note that if you are supplying your driving licence as proof of ID it must be both the paper element as well as the photo card part, one is not sufficient in the absence of the other.
Evidence of the origin of monies is mandated under Money Laundering Regulations. Don’t be offended when when this is requested of you as your conveyancer will need to have this information on file. Your Prestbury conveyancing solicitor will require evidence of proof of funds before they are able to accept any funds from you into their client account and they may also ask additional queries regarding the origin of monies.
I am purchasing a new build house in Prestbury with a loan from The Mortgage Works. The sellers would not budge the price so I negotiated 6k of extras instead. The house builders rep advised me not inform my conveyancer about this side-deal as it may adversely affect my loan with The Mortgage Works. Should I keep quiet?.
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.
Yesterday I discovered 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, no chain conveyancing. Prestbury is the location of the property. Is there any guidance you can give?
Flying freeholds in Prestbury are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Prestbury you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Prestbury 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.
My cousin has recommend that I appoint his conveyancing solicitors in Prestbury. Do I take his advice?
Much as we are happy to recommend a Prestbury conveyancing lawyer the best way to select a conveyancing solicitor is to have guidance from friends or family who have actually used the conveyancer that you are considering.