I am five weeks into the sale of my maisonette in Darley Abbey and the estate agent has just telephoned to say that the buyers are appointing a new conveyancer. I am told that this is due to the fact that the bank will only engage with property lawyers on their approved list. Why would a major lender only engage with specific lawyers rather the firm that they want to select for their conveyancing in Darley Abbey ?
Mortgage companies have always had panels of law firms they are content to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Banks attribute this action to a rise in fraud as the reason for the reduction – criteria have been tightened 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 being contacted daily by practices 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. The purchasers are not going to have any sway in the decision.
We see that you have a post code search directory identifying solicitors on the Santander conveyancing panel. Do firms pay you a referral fee if I instruct them for our own conveyancing in Darley Abbey?
We are a listing service only for law firms wishing to communicate if they are on the Santander conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Darley Abbey.
Two weeks ago we had a mortgage agreed in principle with Santander. Darley Abbey conveyancing solicitors have been instructed. How long does it take for Santander to send the offer to the solicitor?
Some lenders take longer than others. Have Santander completed the survey? Have you informed Santander as to your lawyers' details and checked that your lawyers are on the Santander conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
After much negotiation I have agreed a price on an apartment in Darley Abbey. My mortgage broker recommended their conveyancers. I paid an on account payment of £200. A couple of days later, the lawyer contacted me sheepishly admitting that they were not on the Aldermore conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Aldermore panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
About to purchase house in Darley Abbey. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Lloyds conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Darley Abbey lawyer is on the Lloyds conveyancing panel.
We are downsizing from our property in Darley Abbey and the buyers lawyers are claiming that there is a risk of it being constructed land that was not decontaminated. Any high street Darley Abbey lawyer would know that there is no such problem. It does beg the question why the buyers instructed a factory type conveyancing firm rather than a conveyancing solicitor in Darley Abbey. Having lived in Darley Abbey for three years we know that this is a non issue. Should we contact our local Authority to get clarification need.
It sounds as though you may have a conveyancing solicitor currently acting for you. Are they able to advise? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
How does conveyancing in Darley Abbey differ for newly converted properties?
Most buyers of new build premises in Darley Abbey approach us having been asked by the builder to sign contracts and commit to the purchase even before the property is built. This is because house builders in Darley Abbey tend to acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Darley Abbey or who has acted in the same development.
When it comes to my conveyancing in Darley Abbey should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Darley Abbey conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the conveyancer's time in submitting the funds this way.