I am progressing with the sale of my apartment in Stamford Bridge and the estate agent has just e-mailed to say that the buyers are changing their conveyancer. I am told that this is due to the fact that the lender will only work with solicitors on their conveyancing panel. Why would a leading mortgage company only work with specific lawyers rather the firm that they want to appoint to handle their conveyancing in Stamford Bridge ?
UK lenders have always had panels of law firms that can represent them, 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 worked with them for many years.
Banks point to the increase in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to reveal 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. The purchasers are unlikely to have any sway in the decision.
I can see plenty of information on this site concerning conveyancing in Stamford Bridge but what is your top tip for finding the right conveyancer in Stamford Bridge
Do not opt for the lowest Stamford Bridge conveyancing costs illustration. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
My wife and I have arranged a further advance on our home loan from Santander as we intend to carry out alterations to our property in Stamford Bridge. Are we obliged to choose a bricks and mortar Stamford Bridge solicitor on the Santander conveyancing panel to deal with the legals?
Santander don't usually appoint a member of their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Santander list.
Having digested plenty of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Stamford Bridge solicitor - who is on the Santander conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Santander will need an independent valuation of the property. Your lawyer will not arrange this. Usually Santander will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your solicitor will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Stamford Bridge postcode. As you are getting a mortgage with Santander, you could contact them to see if they have a list of approved surveyors in Stamford Bridge.
Various web forums that I have visited warn that are the number one reason for delay in Stamford Bridge house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not figure within the common causes of hindrances during the legal transfer of property. Local searches are not likely to feature in any slowing down conveyancing in Stamford Bridge.
My wife and I have a terraced Victorian property in Stamford Bridge. Conveyancing practitioner represented me and The Mortgage Works. I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, another for leasehold under the matching property. I'd like to know for sure, how can I find out??
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Stamford Bridge and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the situation with your conveyancing solicitor who completed the work.
I am buying a new build house in Stamford Bridge with the aid of help to buy. The builders would not move on the price so I negotiated 6k of fixtures and fittings instead. The estate agent suggested that I not inform my solicitor about this side-deal as it would jeopardize my loan with the bank. 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.
Why do I have to send my lawyer with numerous items of ID before they can commence with selling or purchasing a property in Stamford Bridge?
Stamford Bridge property lawyers are duty bound by the Law Society, SRA, the Land Registry and current Money Laundering legislation to record that the have verified the identity of their clients. It is also sometimes a condition of your mortgage offer. In addition they have to complete various forms, particularly those relating to stamp duty land tax and need to have details such as your full names, NI number and date of birth.