I am selling my house in Rhos On Sea and the EA has just called to say that the buyers are appointing a new property lawyer. The reason given is that the lender will only work with solicitors on their conveyancing panel. Why would a major mortgage company only work with certain solicitors rather the firm that they want to choose to handle their conveyancing in Rhos On Sea ?
Banks have always had an approved set of law firms that can act for them, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many 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 keep an eye on. 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 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. Your buyers are unlikely to have any impact on this.
My wife and I are soon to exchange on the purchase of a property in Rhos On Sea but as a consequence of damage from some water damage at the property I have was able negotiate reparation from the current proprietors of six thousand pounds by way of a deduction in the price. This was going to be dealt with as part of amending the contract however Coventry BS will not agree to this. Why were they approached?
Your solicitor being on a Coventry BS conveyancing panel is obliged to disclose to Coventry BS of any variations to the sale price. If you were to refuse your conveyancer to notify the reduction to Coventry BS then they would have to discontinue acting for you. In addition, Coventry BS and you would have to appoint a new conveyancer for your conveyancing in Rhos On Sea.
Do banks and building societies provide you with an approved list of Rhos On Sea conveyancing solicitors? How do you know who is on the Yorkshire BS conveyancing panel?
Rhos On Sea conveyancing firms themselves provide us confirmation that they are on the Yorkshire BS conveyancing panel as opposed to being supplied with a list from Yorkshire BS directly.
We are planning to buy with Earl Shilton BS. We have called around locally yet am unable to find a Rhos On Sea conveyancing firm on the Earl Shilton BS panel. Please you assist?
You should take advantage of the find a conveyancing panel solicitor tool on this page. Please choose the building society and type Rhos On Sea or your location and you will discover a number of lawyer based in Rhos On Sea or nearest you.
I have been advised by my solicitor that lack of right of way insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Rhos On Sea?
The right level of lack of right of way indemnity insurance depends on who your lender is. It would differ for example between Accord Mortgages Ltd and The Mortgage Works. Conveyancing practitioners as opposed to borrowers take out such insurances.
We previously chose solicitors located in Rhos On Sea on the Skipton solicitor panel. They are now charging me a separate fee for handling the Skipton mortgage. Is this a supplemental conveyancing fee specified by Skipton?
Provided it is contained in their Terms of Engagement or Quote then yes your conveyancer may levy a fee for this. This charge is not dictated by Skipton but by your Rhos On Sea solicitor. Numerous firms on the Skipton panel will charge ’dealing with mortgage’ fee and others do not.
RBS have agreed my mortgage in principle, my bid on a flat in Rhos On Sea has been accepted, now what?
The property agent will need to know who your solicitors are (be sure the conveyancers are on the bank’s approved list). Contact RBS or your broker and complete any appropriate documentation. RBS will instruct a valuer who will get in touch with the estate agent or vendor to book a time for the valuation to happen. Once carried out (assuming no problems) it takes approximately a week to receive the mortgage offer. RBS will issue the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Rhos On Sea.
My wife and I have agreed a price on a Rhos On Sea bungalow left to us 5 years ago in 2010. I have over twenty years conveyancing know-how and, now retired, wish to do my own conveyancing. The purchaser's conveyancer has informed me that their mortgage company will not allow us to do our own conveyancing as they require the funds to be transferred to a solicitor's bank account.
Mortgage instructions to conveyancing practitioners from all CML members specify that If the vendor does not have legal representation the buyer’s lawyers should check whether the bank needs to be notified so that a decision can be reached if they are prepared to progress.