I am hoping to receive a mortgage offer from Lloyds. I would like to instruct a Licensed Conveyancer in Bexleyheath. Does the Lloyds Conveyancing panel allow for Licensed Conveyancers?
The Lloyds conveyancing panel is, like many other lenders, associated to the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
The Bexleyheath conveyancing firm handling our Bexleyheath conveyancing has uncovered a discrepancy when comparing the surveyor’s assumptions in the home valuation survey and what is in the legal papers for the property. My lawyer informs me that he must ensure that the lender is happy with this discrepancy and is still content to lend. Is my conveyancer’s course or action correct?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Can you clarify what the consequences are if my lawyer’s firm is suspended from the Co-operative Solicitor panel ahead of completing my conveyancing in Bexleyheath?
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.
I have been told that property searches are the primary cause of obstruction in Bexleyheath conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of delays in the conveyancing process. Searches are not likely to feature in any holding up conveyancing in Bexleyheath.
I am purchasing my first flat in Bexleyheath with the aid of help to buy. The sellers would not reduce the amount so I negotiated 6k of additionals instead. The estate agent suggested that I not inform my solicitor about the side-deal as it may 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 was pointed in your direction by numerous estate agents in Bexleyheath to select a conveyancer using your seach tool. What’s the financial upside for Estate Agents to market your site ahead of alternative conveyancing organisations?
We don’t make any financial incentive for sending work our way. We thought it would be too underhand to pay a commission because members of the public would think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.