I am selling my maisonette in Shirley and the estate agent has just text me to warn that the buyers are swapping property lawyer. I am told that this is due to the fact that the mortgage company will only deal with solicitors on their conveyancing panel. On what basis would a major lender only deal with specific solicitors rather the firm that they want to appoint for their conveyancing in Shirley ?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Banks point to the increase in fraud by way of justification for the reduction – criteria have been tightened 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 claims that 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. The purchasers are unlikely to have any sway in the decision.
I am purchasing a house and need a conveyancing solicitor in Shirley who is on the Bank of Scotland solicitor. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Bank of Scotland in certain locations such as Shirley. We dont recommend any particular firm.
I just acquired a property at auction in Shirley. Conveyancing is necessary. What is next?
Given that you have now legally committed yourself to purchase you must hire the services of a conveyancing solicitor as a matter of priority as you now have a tight deadline in which to complete the purchase. All auction property should have an associated legal set of papers. This will likely include most,if not all of the paperwork that your lawyer will need. If you have purchased leasehold premises the conveyancing papers should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation specific to leasehold premises. You must hand this to the conveyancer working for you ASAP. You also need to ensure that you have funds in order to complete the transaction on the set completion date.
When it comes to lenders such as RBS, do Shirley lawyers incur a yearly amount to be on the conveyancing panel?
We are not aware of any lender fees to be on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
We have a mortgage agreed in principle with UBS. Shirley conveyancing solicitors were instructed. How long does it take for UBS to forward the offer to the lawyer?
Some lenders take longer than others. Have UBS done the survey? Have you advised UBS as to your lawyers' details and checked that your lawyers are on the UBS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I am buying a new build house in Shirley benefiting from help to buy. The builders would not reduce the price so I negotiated five thousand pounds worth of additionals instead. The house builders rep suggested that I not reveal to my conveyancer about the deal as it would adversely affect my mortgage with the lender. 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.
Due to the encouragement of my in-laws I had a survey completed on a property in Shirley ahead of retaining conveyancers. I have been informed that there is a flying freehold overhang to the house. The surveyor has said that some banks tend not give a mortgage on a flying freehold premises.
It depends who your proposed lender is. Lloyds has different instructions from Birmingham Midshires. If you contact us we can look into this further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Shirley. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Shirley to see if the conveyancing costs will increase in light of this.
As co-executor for the estate of my father I am disposing of a residence in Newport but reside in Shirley. My lawyer (based 250 miles awayhas requested that I sign a statutory declaration before the transaction finalising. Can you recommend a conveyancing lawyer in Shirley to witness this legal document for me?
Technically speaking you are not likely to need to have the documents witnessed by a conveyancing solicitor. Ordinarily or notary public or solicitor will be fine regardless of whether they are located in Shirley