I am in the process of selling my home in Aylesbury and the estate agent has just called to advise that the purchasers are switching conveyancer. The excuse is that the bank will only work with solicitors on their conveyancing panel. Why would a major lender only deal with specific lawyers rather the firm that they want to select to handle their conveyancing in Aylesbury ?
Mortgage companies have always had an approved set of law firms that can act for them, but in the last few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks point to the increase in fraud by way of justification for the cull – 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 being contacted daily by practices 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. Your purchasers are unlikely to have any impact on this.
I am considering applying for a UBS mortgage for purchase of a new build (under development) in Aylesbury with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for UBS ?
In theory, you could use a solicitor that is not on the UBS conveyancing panel, but UBS 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.
3 months have elapsed since my purchase conveyancing in Aylesbury concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am purchasing my first flat in Aylesbury benefiting from help to buy. The sellers would not budge the price so I negotiated 6k of fixtures and fittings instead. The house builders rep advised me not reveal to my conveyancer about this extras as it would jeopardize my loan with the lender. 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.
How straightforward is it to use the search app to find a conveyancing lawyer in Aylesbury on the approved list for my lender?
Step one is to choose a mortgage company such as National Westminster Bank, Norwich and Peterborough Building Society or Platform Home Loans Ltd then choose your preferred area a common one being Aylesbury. Conveyancing organisations in Aylesbury and further afield should be shown.
My wife and I are disposing of a Aylesbury apartment left to us 8 years ago in 2010. I have over a decades worth of conveyancing know-how and, although retired, intend to conduct the conveyancing. The buyer's conveyancing practitioner has informed me that their Lenders will not allow us to do our own conveyancing mandating that the funds to be passed via a solicitor's bank account.
Lending requirements to conveyancers from all CML members specify that If the vendor does not have legal representation the buyer’s lawyers should check whether the bank needs to be told so that a decision can be made as to whether they are prepared to progress.