I am nearing exchange of contracts for my home in Cinderford and the estate agent has just e-mailed to warn that the buyers are switching solicitor. I am told that this is due to the fact that the mortgage company will only engage with property lawyers on their approved list. Why would a leading mortgage company only deal with certain solicitors rather the firm that they want to select for their conveyancing in Cinderford ?
Lenders have always had panels of law firms that can represent them, but in the last 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.
Lending institutions point to the increase in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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 not going to have any sway in the decision.
Why do I have to pay up front when it comes to conveyancing in Cinderford?
If you are buying a property in Cinderford your solicitor will request that you put them with monies to cover the search fees. This will be the total of the cost of the conveyancing searches. When the deposit is payable against the purchase price then this should be required shortly prior to contracts are exchanged. Any further balance that is needed should be sent to your lawyer shortly before completion.
My brother-in-law has suggested I instruct a conveyancing solicitor in Cinderford. I need to find out if they are on the Nottingham Building Society conveyancing panel. Could you help?
The first thing you should do is contact your solicitor and ask them whether they are on the lender panel. Alternatively you should get in touch with Nottingham Building Society who may be able to assist.
Forgive me if this question is silly but I am wet behind the ears as a first time buyer of a garden flat in Cinderford. Do I receive the keys to the property on completion from my conveyancer? If this is the case, I will find a local conveyancing solicitor in Cinderford?
There is no need to visit the lawyers office on the day of completion. Your solicitors will arrange to send the completion advance to the owner’s lawyers, and once they have received this, you should be called to receive the keys from the Estate Agents and move into your new home. Usually this occurs between 1 and 3pm.
Last month we had a mortgage agreed in principle with Lloyds. Cinderford conveyancing practitioners have been instructed. How long does it take for Lloyds to forward the offer to the lawyer?
Some lenders take longer than others. Have Lloyds done the survey? Have you informed Lloyds as to your lawyers' details and checked that your lawyers are on the Lloyds conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
The mortgage over my property is with Clydesdale for my property in Cinderford. Conveyancing has been completed a year ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Clydesdale?
You must advise Clydesdale prior to letting out your property as this is likely to be a breach of Clydesdale’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Clydesdale directly. It should not be necessary to do this via a Clydesdale conveyancing panel solicitor.
I was advised by a number of selling agents in Cinderford to select a property lawyer on your site. Is there a financial inducement for Estate Agents to market your services over another?
We don’t make any referral fee for pointing buyers and sellers in our direction. We found it would be just too difficult a fee because members of the public would think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
My partner and I soon to exchange buying a house in Cinderford but as a result of wreckage from the recent storms I have negotiated compensation from the current proprietors of £2k taking the form of a reduction in the price. I had intended this to be addressed as part of the conveyancing process however my mortgage company will not permit this. Why were they notified?
Any lawyer being on the mortgage company approved list is duty bound to inform the bank of any changes to the sale price. If you prohibit your conveyancer to disclose the reduction to your bank then they would need to refrain from representing you and the bank.