I am in the process of selling my house in Tewkesbury and the estate agent has just e-mailed to warn that the buyers are changing their solicitor. The excuse is that the lender will only deal with property lawyers on their approved list. On what basis would a big named mortgage company only engage with specific solicitors rather the firm that they want to select to handle their conveyancing in Tewkesbury ?
UK lenders have always had an approved set of law firms they are willing to work with, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lenders blame a rise in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to maintain. 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.
How up to date is your search tool for Tewkesbury conveyancing solicitors on the Clydesdale conveyancing panel? Do Clydesdale send you an updated list?
Tewkesbury conveyancing firms themselves provide us confirmation that they are on the Clydesdale conveyancing panel as opposed to being supplied with a list from Clydesdale directly.
We are purchasing a newbuild flat in Tewkesbury with a loan from Yorkshire Building Society.We would like to retain our Tewkesbury conveyancing solicitor but Yorkshire Building Society says he's not on their approved list of firms. It seems we are left with little choice but to instruct a Yorkshire Building Society panel firm or keep our local solicitor and pay for a Yorkshire Building Society panel lawyer to act for them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The home loan issued to you contains terms and conditions, one of which will be that lawyers will be on the Yorkshire Building Society approved list. Until recently, most mortgage companies had large numbers of solicitors on their panels: a borrower could find 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. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Yorkshire Building Society
I am buying a property in Tewkesbury. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Co-operative be concerned?
Given that you are obtaining a mortgage with Co-operative your lawyer must comply with the conveyancing requirements set out in Section two of UK Finance Lenders’ Handbook for Co-operative. The CML Handbook stipulates minimum requirements for solar panel roof-space leases, and solicitors are required to report to Co-operative where a lease does not comply with these specifications. The requirements relate to the installation of panels on properties countrywide and is not restricted to Tewkesbury.
I am expecting a AIP from Nottingham this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Nottingham recommend any Tewkesbury solicitors on the Nottingham conveyancing panel, or is it better to go independently?
You will need to appoint Tewkesbury solicitors independently although you'll need to choose one on the Nottingham conveyancing panel. The solicitor represents both you and Nottingham through the process.
Santander have agreed my home loan in principle, my bid on a house in Tewkesbury has been agreed to, what are the next steps?
Your property agent will wish to be informed of your solicitor's details (ensure that the solicitors are on the bank’s panel). Call up Santander or the broker and finish off any outstanding forms. Santander will instruct a valuer who will get in contact with the estate agent or vendor to book a slot for the valuation to happen. Once carried out (assuming no problems) it takes approximately a week for the mortgage offer to be issued. Santander will send the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Tewkesbury.
I am buying a new build house in Tewkesbury with a mortgage from Virgin Money. The sellers refused to reduce the price so I negotiated 6k of additionals instead. The property agent suggested that I not inform my lawyer about this deal as it will impact my mortgage with Virgin Money. Do I keep my lawyer in the dark?.
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.
My father-in-law has suggested that I instruct his conveyancing solicitors in Tewkesbury. Should I choose my own property lawyer?
Much as we are happy to recommend a Tewkesbury conveyancing lawyer the best way to find a conveyancing lawyer is to have recommendations from friends or relatives who have previously instructed the firm you're considering.