I am progressing with the sale of my ground floor flat in Wheatley and the estate agent has just text me to say that the buyers are changing their solicitor. The excuse is that the mortgage company will only deal with property lawyers on their approved list. On what basis would a leading lender only deal with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Wheatley ?
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 Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks 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 being contacted daily by practices 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 impact on this.
In what way does my ID and proof of funds have anything to do with my conveyancing in Wheatley? Why is this being asked of me?
In order to comply with Money Laundering Regulations any Wheatley conveyancing firm will require evidence of your identity in all conveyancing transactions. This is usually dealt with by provision of a passport and an original bank statement or utility bill evidencing where you reside.
Under Money Laundering Regulations, property lawyers are duty bound to check not simply the identity of conveyancing clients but also the source of the money that they receive in respect of any matter. Refusal to disclose this will lead to your solicitor cancelling their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to inform the relevant authorities should they believe that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
Are there restrictive covenants that are commonly identified during conveyancing in Wheatley?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Wheatley. 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 buying a new build house in Wheatley benefiting from help to buy. The sellers refused to move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative advised me not inform my solicitor about this side-deal as it could 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.
I decided to have a survey completed on a house in Wheatley ahead of appointing lawyers. I have been advised that there is a flying freehold aspect to the house. The surveyor advised that some banks will refuse to grant a loan on such a house.
It depends who your proposed lender is. Santander has different instructions for example to Halifax. If you call us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Wheatley. Conveyancing may be slightly more expensive based on your lender's requirements.
My husband and I are one month into a freehold purchase having been recommend to a firm by the estate agent to carry out the conveyancing in Wheatley. I am not happy. Could you help me find new conveyancers?
They would have to be very poor in order to consider replacing them. Has the mortgage offer been sent? In the event that it has you will need to advise them of the new contact details and ensure the mortgage documents are re-issued. The solicitor ideally needs to be on the mortgage company panel to avoid escalating costs and complications. So that should be your first question of the new lawyers. The search tool should help you find a lender approved lawyer for your conveyancing in Wheatley