I am in the process of selling my flat in Stourport On Severn and the EA has just e-mailed to warn that the buyers are appointing a new law firm. The excuse is that the mortgage company will only deal with solicitors on their approved list. On what basis would a leading mortgage company only engage with specific law firms rather the firm that they want to select to handle their conveyancing in Stourport On Severn ?
Lenders have always had an approved set of law firms that can act for them, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lending institutions point to the increase in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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 purchasers are unlikely to have any sway in the decision.
My husband and I are refinancing our penthouse in Stourport On Severn with Santander. We have a son 19 who lives at home. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the property is repossessed. I have two questions (1) Is this document specific to the Santander conveyancing panel as he never had to sign this form when we purchased 3 years ago (2) Does our son by signing this extinguish his rights to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Santander. This is solely used to protect Santander if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Santander had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I had intended to instruct a property lawyer in Stourport On Severn for our home move. Our financial adviser has since advised us that our mortgage company Nottingham Building Society won't deal with them. Surely this is unduly restrictive?
A bank will insist on a panel solicitor act for it. You would be liable to meet the cost of this. Do use our directory service to get a quote from a solicitor to conduct conveyancing in Stourport On Severn on the Nottingham Building Society conveyancing panel.
Do I find a Licenced Conveyancer or Solicitor for conveyancing in Stourport On Severn?
There are many registered licenced Conveyancers in Stourport On Severn and Solicitor practices in Stourport On Severn to choose from It is important to make clear that both are supervised by regulatory bodies with both specialising in the legal aspects of transferring property. The two can conduct other property legal work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
I have decided to exercise my right to buy my property in Stourport On Severn off the council. I have a mortgage agreed with Bank of Ireland. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Bank of Ireland, you will need to appoint a solicitor on the Bank of Ireland conveyancing panel.
After weeks of negotiation I have agreed a price on a house in Stourport On Severn. My mortgage broker recommended their conveyancers. I paid an on account payment of £200. Shortly after, the solicitor contacted me sheepishly admitting that they were not on the TSB conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the TSB panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
It has been three months since my purchase conveyancing in Stourport On Severn completed. I have checked the Land Registry site which shows that I paid £150,000 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 am buying a new build house in Stourport On Severn with the aid of help to buy. The developers refused to reduce the amount so I negotiated 6k of additionals instead. The house builders rep advised me not reveal to my conveyancer about this deal as it could put at risk my mortgage with Coventry Building Society. 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.