I am progressing with the sale of my maisonette in Victoria Park and the estate agent has just e-mailed to warn that the buyers are appointing a new solicitor. The reason given is that the mortgage company will only work with property lawyers on their approved list. On what basis would a major mortgage company only work with certain solicitors rather the firm that they want to appoint for their conveyancing in Victoria Park ?
UK lenders have always had panels of law firms they are content to work with, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lending institutions justify this action to a rise in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to reveal 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. Plenty of firms do not even realise 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.
Do banks and building societies provide you with an approved list of Victoria Park conveyancing solicitors? How do you know who is on the UBS conveyancing panel?
Victoria Park conveyancing firms themselves provide us confirmation that they are on the UBS conveyancing panel as opposed to being supplied with a list from UBS directly.
Are the BSA intent on creating a searchable register to to identify solicitors on the Darlington Building Society conveyancing panel for instance in Victoria Park?
We would not expect to be advised of any intention on the part of the BSA to develop such a search facility.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Victoria Park?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Victoria Park. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am purchasing a new build house in Victoria Park with the aid of help to buy. The developers would not reduce the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep told me not to tell my conveyancer about the side-deal as it will put at risk my mortgage with the bank. Is this normal?.
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.
I am thinking of appointing a conveyancing solicitor in Victoria Park for my sale. Is there any facility to review a firm’s complaints history with the profession’s regulator?
You may search for published Solicitor Regulator Association (SRA) determinations arising from investigations from 2008 onwards. Visit Check a solicitor's record. For details Pre 2008, or to check a firm's record, telephone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, dial +44 (0)121 329 6800. The SRA could monitor telephone calls for training purposes.