Am I correct in assuming that the fact that my conveyancer in Snettisham is not listed on my bank's solicitor panel that there is a problem with the standard of his conveyancing?
That is most likely a wrong assumption to make. There are plenty of reasonable explanations. A recent report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the Snettisham conveyancing firm and enquire why they are no longer on the approved list for your lender.
We are approaching an exchange on a property in Snettisham and my mum and dad have sent the 10% deposit to my lawyer. I am now advised that as the deposit has not arrived from me my solicitor needs to disclose this to my lender. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I disclosed to the mortgage company regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to be an issue?
The lawyer is duty bound to clarify with lender to ensure that they know that the balance of the purchase price is not from your own funds. The solicitor can only report this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
I have todaybecome aware that Action Conveyancing have been shut down. They conducted my conveyancing in Snettisham for a purchase of a leasehold flat 18 months ago. How can I establish that the property is not still registered in the name of the former proprietor?
The quickest method to check if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Snettisham conveyancing specialists.
I am buying a new build house in Snettisham with a mortgage from Yorkshire Building Society. The developers would not budge the amount so I negotiated 6k of extras instead. The house builders rep told me not inform my solicitor about this deal as it would adversely affect my mortgage with Yorkshire Building Society. 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.
Am I right to be concerned about third parties that I am dealing with are suggesting a factory type conveyancing firm as opposed to a local Snettisham conveyancing firm?
As is the case with lots of service providers, often recommendations from connections can be worth their weight in gold. Yet there are many people with a vested interest in a conveyancing matter; estate agents, mortgage brokers and mortgage companies might all put forward solicitors to appoint. Sometimes the conveyancers might be known to one of the organisations as experts in their field, but occasionally there may be a financial incentive behind the endorsement. You have the right to appoint your own lawyer. However, bear in mind that many banks specify a panel list of law firms you must use for the mortgage aspect of your house move.
Our conveyancer in Snettisham has discovered a a problem with the lease for the property we are purchasing in Snettisham. The seller’s lawyers have suggested defective title insurance as a solution. We are content with insurance and will pay for it. Our solicitor has advised that as he is on the bank conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is the mortgage company?
Just because you have a mortgage offer from the mortgage company does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Snettisham conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the mortgage company are the client. These conveyancing instructions have to be complied with by the lender conveyancing panel who has to balance acting for you and the bank