I am nearing exchange of contracts for my apartment in Stoke Gifford and the EA has just e-mailed to say that the purchasers are changing their conveyancer. The reason given is that the lender will only work with solicitors on their conveyancing panel. Why would a big named lender only work with specific law firms rather the firm that they want to appoint for their conveyancing in Stoke Gifford ?
UK lenders have always had an approved set of law firms they are content to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lenders point to the increase in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to oversee. No lender will say 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. Plenty of firms 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 buyers are unlikely to have any impact on this.
Our conveyancer has identified a defect with the lease for the apartment we are purchasing in Stoke Gifford. The other side have suggested title insurance as a solution. We are content with insurance and will pay for it. Our conveyancing practitioner has advised that he must check that the bank is willing to move forward with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your solicitor will have no choice but to discontinue acting for you.
My fiance and I are hoping to buy a newly converted apartment in Stoke Gifford with a residential mortgage from Britannia.We have a Stoke Gifford conveyancing solicitor but Britannia says she’s not listed on their "panel". We have to appoint a Britannia panel solicitor or keep our high street solicitor and fork out for a Britannia panel lawyer to represent them. This seems very unfair; Can we not simply insist that Britannia use our lawyer?
No, not really. The home loan offered to you contains terms and conditions, a common one being that solicitors will be on the Britannia approved list. in the past, most lenders had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Britannia
Can you point me to a directory of Skipton panel solicitors in Stoke Gifford on the Building Society Association’s Website?
Unfortunately not yet. There is no such directory service on the CML or Building Society Association sites. A small selection of lenders make their panel listings viewable online. If you are looking for a Stoke Gifford lawyer on the Skipton please make the most of our tool.
My partner and I have arranged a further advance on our home loan from Santander as we want to conduct improvements to our property in Stoke Gifford. Do we need to appoint a nearby Stoke Gifford solicitor on the Santander conveyancing panel to handle the paperwork?
Santander would not normally require firms on their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Santander panel.
The formalities of my remortgage has taken place for my property in Stoke Gifford. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
Almost all lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Team at head office. Ordinarily complaints to a lender are resolved effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
Will commercial conveyancing searches reveal proposed roadworks that could impact a commercial estate in Stoke Gifford?
Its becoming the norm that commercial conveyancing solicitors in Stoke Gifford will carry out a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in looking into accurate data on highways that impact buildings and development assets in Stoke Gifford. The search result provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Stoke Gifford.
For each commercial conveyancing transaction in Stoke Gifford it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately can cause delays to Stoke Gifford commercial conveyancing transactions as well as present a risk to future plans for the site. These searches are not conducted for residential conveyancing in Stoke Gifford.
I'm buying my first flat in Stoke Gifford with a loan from HSBC Bank. The developers would not move on the price so I negotiated £7000 of extras instead. The estate agent told me not inform my lawyer about the side-deal as it may adversely affect my mortgage with the lender. 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.