I am in the process of selling my flat in Boxmoor and the estate agent has just e-mailed to advise that the buyers are changing their solicitor. I am told that this is due to the fact that the lender will only work with property lawyers on their approved list. On what basis would a big named mortgage company only work with specific law firms rather the firm that they want to choose to handle their conveyancing in Boxmoor ?
Lenders have always had panels 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 worked with them for more than 15 years.
Banks blame a rise in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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. The purchasers are not going to have any impact on this.
We are purchasing a property and require a conveyancing solicitor in Boxmoor who is on the Aldermore approved panel. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Aldermore . We don't recommend any particular firms conducting conveyancing in Boxmoor.
What happens if my solicitor is removed from the Santander Solicitor panel ahead of completing my conveyancing in Boxmoor?
The first thing to point out is that, this is very unlikely to happen. 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 at a cost.
I'm buying my first flat in Boxmoor with a mortgage from TSB. The builders refused to reduce the price so I negotiated £7000 of extras instead. The house builders rep advised me not reveal to my conveyancer about this deal as it could jeopardize 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.
What makes your site different to other web based conveyancing brokers when it comes to conveyancing in Boxmoor?
At this site receive a conveyancing quote from a Solicitor or Licensed Conveyancer that has a full understanding of the issues for your conveyancing in Boxmoor. As opposed to estate agents and brokerage sites we do not charge firms a fee if you instruct them for your property ownership legalities in Boxmoor
We're FTB’s - agreed a price, yet the agent advised that the seller will only go ahead if we instruct the agent's chosen lawyers as they are insisting on a ‘quick sale’. My instinct tells me that we should use a local solicitor accustomed to conveyancing in Boxmoor
We suspect that the seller is unaware of this demand. If they desire ‘a quick sale', turning down a motivated purchaser is is going to put the whole deal at risk. Speak to the vendors direct and make the point that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you have nothing to sell (d) you wish to move quickly (e)however you are going to appoint your preferred Boxmoor conveyancing solicitors - as opposed tothose that will earn their negotiator at the agency a referral fee or hit his conveyancing targets pre-set by head office.