I am one month into the sale of my maisonette in Burnham Market and the EA has just called to advise that the buyers are appointing a new law firm. The excuse is that the bank will only deal with solicitors on their approved list. On what basis would a leading mortgage company only deal with specific solicitors rather the firm that they want to choose to handle their conveyancing in Burnham Market ?
UK lenders have always had an approved set of law firms they are content 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 worked with them for over 25 years.
Banks point to the increase in fraud as the reason for the cull – criteria have been tightened 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 claims that it is hearing daily from firms 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. Your purchasers are not going to have any sway in the decision.
I do hope you can assist me. My Burnham Market solicitor is informing me me that he has toconduct Burnham Market conveyancing searches due to the fact thatthe firm are on the Santandersolicitor panel. Is this really necessary?
You have limited options available to you. Given that you are taking out a loan with a mortgage company your conveyancing practitioner has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to follow the CML Handbook conditions . Even if you were a cash buyer you would be ill advised not to carry out Burnham Market conveyancing searches.
My grandmother passed away last year and as sole heir and executor I was left the property in Burnham Market. The house had a small mortgage remaining of approximately £4500. I want to have the title changed into my name whilst I re-mortgage to Barclays, pay off the mortgage. Is this allowed?
If you plan to re-mortgage then Barclays will require that you use a conveyancer on the Barclays conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Barclays conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Barclays mortgage is registered as a charge at the Land Registry.
I am buying a new build house in Burnham Market with the aid of help to buy. The sellers refused to reduce the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative told me not inform my lawyer about the deal as it would adversely affect my mortgage with Coventry Building Society. Do I keep my lawyer in the dark?.
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.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in two weeks back in what was supposed to be a straight forward, chain free conveyancing. Burnham Market is where the house is located. Can you offer any advice?
Flying freeholds in Burnham Market are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Burnham Market you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Burnham Market may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Given that I am about to part with over three hundred thousand on a terraced house in Burnham Market I wish to have a conversation with the solicitor regarding thehome move ahead of instructing the firm. Is this something that you can arrange?
This is something that we recommend - we would be pleased to talk to you we do not take any clients on without you liaising with the lawyer due to be carrying out your conveyancing in Burnham Market.There is no ‘factory style conveyancing’ - every client is an important individual, not a file number. The law firms that we put you in touch with believe that the fees you are provided with for residential conveyancing in Burnham Market should be the amount on the final invoice that you are charged.