I am selling my ground floor flat in Somerstown and the estate agent has just e-mailed to warn that the buyers are switching solicitor. The excuse is that the mortgage company will only work with property lawyers on their conveyancing panel. Why would a leading mortgage company only work with specific law firms rather the firm that they want to appoint to handle their conveyancing in Somerstown ?
Mortgage companies have always had an approved set of law firms that can represent them, but in recent years big names such as Lloyds Banking Group, have reviewed 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 as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to disclose 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. 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. The purchasers are unlikely to have any sway in the decision.
We see that you have a post code search directory identifying solicitors on the Virgin Money conveyancing panel. Do firms pay you a referral fee if I instruct them for our own conveyancing in Somerstown?
We are a listing service only for law firms wishing to communicate if they are on the Virgin Money conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Somerstown.
I have 70 years left on my lease and require a lease extension for my apartment in Somerstown. Conveyancing solicitors on the Chelsea Building Society panel can deal with such extensions correct?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 1/5/2024 the requirements read as follows :
I have justfound out that Wolstenholmes have been shut down. They conducted my conveyancing in Somerstown for a purchase of a leasehold apartment 9 months ago. How can I be sure that my home is in my name in the name of the former proprietor?
The easiest method to see if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Somerstown conveyancing specialists.
I am buying a new build house in Somerstown with a mortgage from Yorkshire Building Society. The sellers refused to reduce the amount so I negotiated five thousand pounds worth of extras instead. The property agent advised me not to tell my conveyancer about the extras as it would affect my mortgage with Yorkshire Building Society. Should I keep quiet?.
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.
My partner and I yesterday become aware that one of the partners of the firm handling the purchase conveyancing in Somerstown is an uncle of the owners that we are purchasing from. Is this acceptable?
Provided there is no conflict of interest this should be fine. Where you are requiring mortgage finance then the bank may have a say as many mortgage companies have specific requirements on this. For example for Royal Bank of Scotland as of 1/5/2024, the requirements read as follows :