I am six weeks into the sale of my ground floor flat in Lymm and the estate agent has just called to warn that the purchasers are switching solicitor. I am told that this is due to the fact that the mortgage company will only work with solicitors on their approved list. On what basis would a big named mortgage company only work with certain solicitors rather the firm that they want to choose for their conveyancing in Lymm ?
UK lenders have always had panels of law firms that can act for them, but in the last few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Mortgage companies blame a rise in fraud as the reason for the cull – criteria have been narrowed 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 claims that it is hearing daily from firms that have been removed from panels. Some 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. The purchasers are not going to have any impact on this.
Do conveyancers ask for an advanced payment for my conveyancing in Lymm?
If you are buying a property in Lymm your lawyer will request that you to provide them with monies to cover the search fees. This will be the total of the cost of the Local Authority Search. When the deposit is as part of the sale price then this will be needed immediately prior to exchange of contracts. Any further balance that is needed should be sent to your lawyer a couple of days prior to the completion date.
My husband and I are at the point of viewing apartments in Lymm and I am now considering a potential offer. Is it too early to have a solicitor in place? I will be getting a home loan with Coventry BS.
You should start requesting conveyancing estimates from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the selling agent. As you are obtaining a mortgage with Coventry BS, make sure you remember to check that your lawyer is on the Coventry BS conveyancing panel.
It is unclear whether my bank requires a lease extension. I have telephoned my Lymm building society branch on a couple of occasions and was told they are content with the situation and they would lend. My Lymm conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
As long as the property lawyer is on the mortgage company panel, she or he must comply with the Council of Mortgage Lenders’ Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
Yorkshire BS have agreed my mortgage in principle, my bid on a flat in Lymm has been accepted, now what?
The estate agent will need to know who your solicitors are (be sure the lawyers are on the bank’s panel). Contact Yorkshire BS or your financial adviser and complete any outstanding documentation. Yorkshire BS will instruct a valuer who will get in contact with the estate agent or seller to arrange a time for the valuation to take place. Once conducted (assuming no problems) it takes on average ten days to receive the mortgage offer. Yorkshire BS will send the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Lymm.
I need some quick conveyancing in Lymm as I am under an ultimatum to complete within one month. Fortunately I do not require a mortgage. Is it possible to escape the need for conveyancing searches to save money and time?
As you are are a mortgage free purchaser you are at free not to do searches although no solicitor would advise that you don't. Drawing on years of experience of conveyancing in Lymm the following are examples of what can be revealed and adversely impact future saleability: Refused Planning Applications, Overdue Charges, Overdue Grants, Unadopted Roads,...
I am purchasing my first flat in Lymm with the aid of help to buy. The sellers refused to budge the amount so I negotiated 6k of extras instead. The sale representative told me not reveal to my lawyer about the deal as it would adversely affect my mortgage with Platform Home Loans Ltd. 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.
I was recommended by a number of estate agents in Lymm to find a solicitor using your seach tool. Is there a financial inducement for Estate Agents to market your services over and above another?
We refuse to make any referral fee for sending work to this site. We found it would be just too difficult a fee as home movers will think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.