I am one month into the sale of my flat in Bellingham and the EA has just called to advise that the purchasers are switching law firm. I am told that this is due to the fact that the mortgage company will only engage with solicitors on their conveyancing panel. Why would a major mortgage company only deal with certain lawyers rather the firm that they want to choose for their conveyancing in Bellingham ?
Mortgage companies have always had panels of law firms that can represent them, but in recent years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lending institutions justify this action to a rise in fraud by way of justification for the reduction – criteria have been tightened 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 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. Your purchasers are not going to have any impact on this.
Can you clarify what the consequences are if my solicitor is expelled from the Clydesdale Conveyancing panel ahead of completing my conveyancing in Bellingham?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
What is your number one tip for finding a conveyancing solicitor in Bellingham
Do not opt for the lowest Bellingham conveyancing fees. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
Do I find a Licenced Conveyancer or Solicitor for conveyancing in Bellingham?
There are two types of lawyers who can perform conveyancing in Bellingham namely CLC regulated conveyancers or solicitors. The two can provide the legal services that required to complete the sale or purchase of property. They are both required to handle Bellingham conveyancing on similar standards and guidelines so you can be sure that your conveyancing will be properly administered and that the requirements and procedures should be appropriately attended to.
My stepmother informed me that in purchasing a property in Bellingham there may be a number of restrictions as to what one can do in terms of external alterations to a property. Is this right?
We are aware of a number of properties in Bellingham which have some sort of restriction or requirement of consent to execute external changes. Part of the conveyancing in Bellingham should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Do I need to take out insurance to protect me from financial exposure to chancel repairs when purchasing a property in Bellingham?
Unless a previous acquisition of the property took place after 12 October 2013 you can take it that solicitors carrying out conveyancing in Bellingham to remain recommending a chancel search and or insurance against a claim.
I'm purchasing a new build house in Bellingham with the aid of help to buy. The developers refused to move on the amount so I negotiated £7000 of additionals instead. The property agent advised me not reveal to my lawyer about the extras as it would adversely affect my loan with the bank. Is this normal?.
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.
I am looking for a flat up to £195,000 and found one near me in Bellingham I like with open areas and transport links nearby, however it's only got 52 remaining years left on the lease. I can't really find anything else in Bellingham for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage that many years may be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.