I am in the process of selling my home in Brighouse and Rastrick and the estate agent has just telephoned to warn that the buyers are changing their conveyancer. The excuse is that the mortgage company will only engage with property lawyers on their conveyancing panel. Why would a leading mortgage company only deal with specific lawyers rather the firm that they want to select to handle their conveyancing in Brighouse and Rastrick ?
UK lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lenders point to the increase in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to keep an eye on. 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 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.
I have a decision in principle. The lender mentioned the loan came with free conveyancing. Does this mean I have to appoint their panel solicitor as I would much rather use a Brighouse and Rastrick based conveyancing firm?
You should check but the the probability is that appoint one of their panel conveyancers where you accept the "fee-free" offer. Speak to the bank and check if they offer you a cash alternative. In the past a few lenders offered a £250 cashback as an alternative in which case you could put that amount towards the cost for your conveyancing solicitor near Brighouse and Rastrick.
I own a renovated Georgian property in Brighouse and Rastrick. Conveyancing solicitor acted for me and Accord Mortgages Ltd. I did a free Land Registry search last week and there are a couple of entries: one for freehold, another for leasehold with the exact same property. I thought I was buying a freehold how can I check?
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Brighouse and Rastrick and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the situation with the conveyancing lawyer who conducted the conveyancing.
I am buying my first flat in Brighouse and Rastrick with the aid of help to buy. The builders would not budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent suggested that I not to tell my conveyancer about the extras as it will affect my loan with The Mortgage Works. Is this normal?.
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 encouragement of my in-laws I had a survey completed on a house in Brighouse and Rastrick in advance of appointing lawyers. I have been advised that there is a flying freehold element to the house. The surveyor has said that some banks tend refuse to issue a loan on such a house.
It varies from the lender to lender. Santander has different requirements for example to Halifax. If you contact us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Brighouse and Rastrick. Conveyancing will be smoother if you use a solicitor in Brighouse and Rastrick especially if they regularly deal with such properties in Brighouse and Rastrick.
Do online conveyancing companies cover everything a local Brighouse and Rastrick solicitor does or must I use a solicitor for the final stages for my conveyancing in Brighouse and Rastrick?
Where you choose an online conveyancer they should undertake all the tasks your Brighouse and Rastrick solicitor would cover.