I am nearing exchange of contracts for my home in Radstock and the EA has just telephoned to warn that the purchasers are switching law firm. The reason given is that the mortgage company will only engage with solicitors on their approved list. Why would a big named lender only work with specific law firms rather the firm that they want to select for their conveyancing in Radstock ?
Lenders have always had an approved set of law firms they are willing to work with, but in recent 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 over 25 years.
Mortgage companies point to the increase in fraud as the reason for the cull – 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 claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms 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 buyers are not going to have any sway in the decision.
I am purchasing a house and require a conveyancing solicitor in Radstock who is on the Godiva Mortgages Ltd approved. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Godiva Mortgages Ltd in certain locations such as Radstock. We dont recommend any particular firm.
Have just purchased a repossessed house at auction in Radstock. Conveyancing is necessary. What is next?
Now that you are legally bound yourself to purchase you should instruct a conveyancing solicitor soon as you will have a pending a drop dead date to complete the deal. All auction property will ordinarily have an associated legal pack. This will likely include the copy title deeds, local authority and drainage searches. Where you are dealing with leasehold premises the auction pack should include a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork pertinent to a leasehold property. You should give this to your appointed conveyancing solicitor ASAP. Do make sure that you have funds organised to complete the transaction on the set completion date.
Is it the case that all Radstock solicitor firms on the Lloyds conveyancing panel are governed by the SRA?
As solicitors, in order to be on the Lloyds approved list of solicitors they would need to be overseen by the SRA. Some banks do allow licenced conveyancers on their panel in which case such organisation would be overseen by the CLC.
We expect to receive a OIP from Lloyds this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Lloyds recommend any Radstock solicitors on the Lloyds conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Radstock solicitors independently although you'll need to choose one on the Lloyds conveyancing panel. The solicitor represents both you and Lloyds through the process.
three months have elapsed following my purchase conveyancing in Radstock concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm buying a new build house in Radstock with a loan from Barclays . The builders refused to budge the amount so I negotiated £7000 of extras instead. The house builders rep advised me not inform my conveyancer about the deal as it could affect my loan with the lender. 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.
My wife and I have recently had an offer agreed on a property and had an appointment on Wednesday with the Post Office for the mortgage. They have informed me that when it comes to selecting a solicitor that unless they are on their approved list of conveyancers then we will be subject to an an additional charge of £250+. This is because they would then have to appoint a conveyancer to act for them in addition to the one we appoint on our behalf and we are liable for their costs. I have requested the Post Office to furnish me with a list so I can request quotes only from their approved lawyers but was told that I need to check with each individual solicitor to see if they are on the panel. Is there a simple way of finding out who is on a lender panel?
You can enquire of the Post Office what their panel criteria is for a conveyancer.Thereafter ask the property lawyer of your choice whether they meet the criteria and have they acted on loans for the Post Office historically. Where the answer to those is yes, then just clarify this with the Post Office. Another option is to use our search tool and we may be able to identify a conveyancing practitioner in Radstock on the approved list for the Post Office.