I am in the process of selling my ground floor flat in Blackley and the EA has just called to say that the purchasers are swapping property lawyer. The reason given is that the mortgage company will only work with solicitors on their approved list. Why would a big named mortgage company only work with certain lawyers rather the firm that they want to appoint for their conveyancing in Blackley ?
Banks have always had an approved set of law firms that can act for them, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lenders blame a rise in fraud by way of justification for the pruning – criteria have been tightened 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 hearing daily from firms 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 buyers are unlikely to have any sway in the decision.
My property lawyer in Blackley is not on the HSBC Bank Solicitor Panel. Is it possible for me to retain my family solicitor notwithstanding that they are excluded from the HSBC Bank panel of approved conveyancing solicitors?
Your options are as follows:
- Complete the purchase with your existing Blackley lawyers but HSBC Bank will need to use a lawyer on their list of acceptable firms. This will inevitably rack up the total legal charges as well as cause delays.
- Choose a new lawyer to to deal with the conveyancing, obviously checking they are on the HSBC Bank panel
If you had a top tip for selecting a conveyancing solicitor in Blackley what would it be?
We would encourage you not to go for the cheapest Blackley conveyancing quote. 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.
We expect to receive a DIP from Clydesdale this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Clydesdale recommend any Blackley solicitors on the Clydesdale conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Blackley solicitors independently although you'll need to choose one on the Clydesdale conveyancing panel. The solicitor represents both you and Clydesdale through the process.
I was told four weeks ago that my mortgage has been agreed to by Nationwide. Is it usual for Nationwide to only issue the offer once my solicitor in Blackley is approved on their conveyancing panel? Nationwide have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Nationwide to deal with your lawyer's application to be on the Nationwide conveyancing panel. There's no guarantee that your solicitor will be accepted.
I am buying my first flat in Blackley with a mortgage from Skipton Building Society. The builders refused to budge the amount so I negotiated five thousand pounds worth of extras instead. The property agent suggested that I not reveal to my conveyancer about the side-deal as it would impact my mortgage with Skipton Building Society. 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.
My brother has recommend that I appoint his conveyancing solicitors in Blackley. Should I use them?
No doubt the best way to find a conveyancing solicitor is to have referrals from friends or family who have experience in using the firm you're considering.
What are the frequently found defects that you see in leases for Blackley properties?
Leasehold conveyancing in Blackley is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:
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Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Barnsley Building Society, and Britannia all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.
Blackley Conveyancing for Leasehold Flats - A selection of Queries before buying
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What is the name of the managing agents? Is anyone aware of any major works in the planning that will increase the maintenance costs?