I am nearing exchange of contracts for my flat in Snowdonia and the EA has just e-mailed to warn that the buyers are changing their property lawyer. The reason given is that the bank will only work with solicitors on their approved list. On what basis would a leading lender only work with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Snowdonia ?
Mortgage companies have always had panels of law firms that can act for them, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lenders blame a rise in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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 buyers are not going to have any impact on this.
It has been three months since my purchase conveyancing in Snowdonia took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £180,000. 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 premises 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 Snowdonia with a loan from Bank of Scotland. The developers would not budge the amount so I negotiated five thousand pounds worth of additionals instead. The sale representative suggested that I not disclose to my conveyancer about this extras as it could jeopardize my mortgage with Bank of Scotland. Do I keep my lawyer in the dark?.
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.
Due to the guidance of my in-laws I had a survey completed on a property in Snowdonia ahead of retaining conveyancers. I have been advised that there is a flying freehold aspect to the house. My surveyor advised that some lenders tend refuse to issue a mortgage on this type of home.
It varies from the lender to lender. Bank of Scotland has different instructions from Nationwide. Should you wish to telephone us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Snowdonia. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Snowdonia to see if the conveyancing costs will increase in light of this.
I am using a search engine for the term cheap conveyancing in Snowdonia it reveals many conveyancersin the area. With so much choice what is the best way to find the suitable property lawyer for the sale of my house?
The best method of seeking a suitable conveyancer is via personal recommendation, so enquire of friends and those you trust who have purchased a property in Snowdonia or the local estate agent or mortgage broker. Fees for conveyancing in Snowdonia differ, so it's advisable to secure at least three quotes from varying types of solicitors. Make sure that you know that the charges are guaranteed not to increase.
Me and my husband are buying a leasehold maisonette in Snowdonia. Conveyancing estimates are coming in at around £two thousand. Does that seem right?
The average fee last year for conveyancing in Snowdonia was £1,500 not including Land Tax and HMLR charges.