I am selling my flat in Crowland and the EA has just telephoned to warn that the buyers are appointing a new solicitor. The reason given is that the mortgage company will only deal with solicitors on their conveyancing panel. Why would a major mortgage company only work with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Crowland ?
Mortgage companies have always had panels of law firms that can act for them, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lending institutions point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to monitor. 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. Your buyers are not going to have any impact on this.
My wife and I are purchasing a flat in Crowland. I might seem paranoid but how we can trust a solicitor? At some point we will need to send funds into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Crowland?
There are many registered licenced Conveyancers in Crowland and Solicitor partnerships in Crowland who provide Conveyancing services It is important to make clear that both are regulated professionals specialising in the legal aspects of the home buying process. Both can conduct other property legal work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
I can not fathom if my bank requires a lease extension. I have telephoned my Crowland bank branch on numerous occasions and was informed it wasn't an issue and they will lend. My Crowland conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they will not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Your property lawyer must comply with the CML Handbook section two specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am purchasing a new build house in Crowland with a mortgage from Nationwide Building Society. The sellers refused to move on the price so I negotiated £7000 of additionals instead. The estate agent advised me not reveal to my solicitor about this deal as it will put at risk my mortgage with Nationwide Building Society. 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.
Do I need to be wary that brokers that I am dealing with are recommending a factory type conveyancing firm as opposed to a High Street Crowland conveyancing firm?
As is the case with lots of service providers, often input from connections can be most helpful. Nevertheless there are numerous parties with a vested interest in a conveyancing matter; estate agents, mortgage brokers and lenders might all suggest solicitors to appoint. On occasion the solicitors might be known to one of the organisations as one of the best in their field, but occasionally there behind the scenes financial incentive behind the recommendation. You have the discretion to choose your own lawyer. You need to be aware that the majority of banks operate an approved list of law firms you are obliged to use for the mortgage aspect of your conveyancing.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £225,000 garden flat in Crowland next week. The managing agents has quoted £384 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Crowland?
Crowland conveyancing on leasehold maisonettes usually involves fees being levied by managing agents :
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Answering pre-contract enquiries
Where consent is required before sale in Crowland
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
Leasehold Conveyancing in Crowland - Sample of Queries Prior to buying
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The answer will be important as a) areas may result in problems for the building as the common areas may start to deteriorate where maintenance are not paid for b) if the tenants have an issue with the managing agents you will want to have all the details Does the lease have in excess of 82 years remaining? What is the maintenance charge and ground rent on the property?
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the lender conveyancing panel. My lawyer has said that they are on the mortgage company approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the mortgage company conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the bank solicitor panel.