I am selling my home in New Quay and the EA has just called to advise that the buyers are switching conveyancer. I am told that this is due to the fact that the mortgage company will only deal with solicitors on their conveyancing panel. Why would a big named lender only deal with specific law firms rather the firm that they want to choose to handle their conveyancing in New Quay ?
Banks have always had panels of law firms that can act for them, but in the past 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 decades.
Mortgage companies point to the increase in fraud by way of justification for the reduction – 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 says 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 buyers are not going to have any impact on this.
I am considering mortgaging my property in New Quay, does my lawyer need to be on the Coventry BS Conveyancing panel?
In theory, you could use a solicitor that is not on the Coventry BS conveyancing panel, but Coventry BS would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
I am buying a property in New Quay. One unusual aspect is that the roof has a solar panel. Clydesdale have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Clydesdale your lawyer must follow the conveyancing requirements contained in Part 2 of UK Finance Lenders’ Handbook for Clydesdale. The CML Handbook sets out minimum requirements for solar panel roof-space leases, and property lawyers are required to report to Clydesdale where a lease fails to satisfy these provisions. The specifications relate to the installation of panels on properties countrywide and is not restricted to New Quay.
My wife and I are in the process of looking at flats in New Quay and I am about to put in an offer. Is it premature to have a solicitor in place? I will be getting a home loan with Aldermore.
It would be prudent to instigate your search sooner rather than later. 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 contact information on to the estate agent. As you are taking out a mortgage with Aldermore, make sure you remember to check that your lawyer is on the Aldermore conveyancing panel.
I have a mortgage with Santander for my property in New Quay. Conveyancing has been completed some time ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Santander?
You must advise Santander prior to renting your property as this is likely to be a breach of Santander’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Santander directly. It should not be necessary to do this via a Santander conveyancing panel solicitor.
My wife and I are downsizing from our property in New Quay and the buyers lawyers are claiming that there is a risk of it being constructed land that was not decontaminated. A local lawyer would know that there is no such problem. It does beg the question why the buyers instructed a nationwide conveyancing firm rather than a conveyancing solicitor in New Quay. Having lived in New Quay for six years we know that this is a non issue. Should we get in touch with our local Authority to get clarification need.
It sounds as though you may have a conveyancing lawyer currently acting for you. What do they say? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
I'm buying a new build house in New Quay with the aid of help to buy. The builders would not budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent advised me not inform my solicitor about the deal as it would adversely affect my mortgage 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 need to find a conveyancing solicitor for purchase conveyancing in New Quay. I've stumble upon a site which seems to have the perfect offering If it is possible to get all the legals completed via web that would be preferable. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?