I am in the process of selling my home in Bootle and the EA has just text me to say that the buyers are changing their property lawyer. The reason given is that the bank will only engage with solicitors on their approved list. On what basis would a big named lender only work with certain solicitors rather the firm that they want to select to handle their conveyancing in Bootle ?
Lenders have always had an approved set of law firms they are willing to work with, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lending institutions point to the increase in fraud as the reason for the reduction – criteria have been stiffened 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 hearing daily from firms that have been removed from panels. Plenty of firms 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 buyers are unlikely to have any sway in the decision.
I am in a contract race with another buyer for a property in Bootle. What can be done to accelerate the legal process?
First, If you are under time constraints to sign contracts we would recommend that your solicitor is familiar with the area as they will benefit local connections and intelligence. It is possible that they could have conducted previousproperties in the same neighbourhood. Therefore consider using a Bootle conveyancing solicitor. In addition, check that the lawyer is on the on the approved list for your mortgage company. It is said that nearly one in five of Bootle conveyancing transactions are delayed or jeopardised after discovering a buyer’s lawyer was not on their banks panel. This can often result in the transaction being frustrated by an average of 21 days. It is said that this issue affects in the region of one hundred thousand home sales annually. Many Bootle conveyancing practices can not act for certain banks so do check as early as possible.
In reviewing consumer advice sites for a conveyancing solicitor in Bootle, most say that I must use a CQS kitemarked solicitor. What is CQS?
The Conveyancing Quality Scheme (CQS) provides a kitemark for residential conveyancing practices issued by the Law Society. Membership achievement establishes a level of credibility for member firms with stakeholders (regulators, lenders, insurers and consumers) based upon: * the integrity of the senior responsible officer and other key conveyancing staff * the firm's adherence to good practice management standards * compliance with best practice conveyancing processes via the scheme protocol Membership covers many firms who handle conveyancing in Bootle.
The deeds to our home can not be found. The solicitors who dealt with the conveyancing in Bootle 4 years ago are no longer around. What are my options?
As long as you have a registered title the details of your proprietorship will be retained by HMLR with a Title Number. It is possible to perform a search at the Land Registry, locate your house and get current copies of the property title for less than a fiver. If the property is Leasehold then the Land Registry will in most cases retain a file copy of the Registered Lease and again, a copy can be obtained for £20 inclusive of VAT.
I am purchasing my first flat in Bootle with a mortgage from Alliance & Leicester . The builders refused to reduce the amount so I negotiated 6k of extras instead. The property agent told me not to tell my solicitor about the deal as it will put at risk my mortgage with the bank. 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.
Due to the advice of my in-laws I had a survey completed on a house in Bootle before instructing solicitors. I have been advised that there is a flying freehold overhang to the property. My surveyor has said that some lenders will not grant a mortgage on such a premises.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Birmingham Midshires. If you contact us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Bootle. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Bootle to see if the conveyancing costs will increase in light of this.