I am in the process of selling my flat in Dartmouth Park and the estate agent has just text me to warn that the buyers are switching solicitor. The reason given is that the mortgage company will only engage with solicitors on their approved list. Why would a big named mortgage company only work with certain law firms rather the firm that they want to select for their conveyancing in Dartmouth Park ?
Banks have always had an approved set of law firms that can act for them, 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 worked with them for more than 25 years.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been narrowed 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 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 are looking to buy a house and need a conveyancing solicitor in Dartmouth Park who is on the TSB solicitor panel. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for TSB . We don't recommend any particular firms conducting conveyancing in Dartmouth Park.
I am purchasing a flat and need a conveyancing solicitor in Dartmouth Park who is on the Bank of Scotland solicitor. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Bank of Scotland in certain locations such as Dartmouth Park. We dont recommend any particular firm.
I am the sole beneficiary of my late mum's will with all property in now in my sole name, including the house in Dartmouth Park. Conveyancing formalities meant that the Land Registry date was in February. I want to move. I understand that there is a Mortgage Lenders 6 month 'rule', meaning my property ownership could be regarded the same way as if I'd bought the property in February. Is the property unsalable for six months?
The CML handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be caught by that. Some mortgage companies would take a sensible view as this requirement principally exists to pick up on the purchase and immediately sell or the flipping of property.
Is there a list of TSB panel conveyancers in Dartmouth Park on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such directory service on the Council of Mortgage Lenders or Building Society Association websites. Very few banks make their panel listings available on the web. If you are seeking to appoint a Dartmouth Park property lawyer on the TSB please make the most of our tool.
We had selected solicitors with offices in Dartmouth Park on the Nottingham solicitor panel. They have just invoiced me a supplemental fee for the legal aspects of the Nottingham mortgage. Is this a supplemental conveyancing fee set by Nottingham?
As unfair as it may seem, as long as it’s in their Terms of Engagement or Quote then yes your property lawyer may charge a fee for this. This fee is not set by Nottingham but by your Dartmouth Park solicitor. Plenty of firms on the Nottingham panel will charge ’dealing with mortgage’ fee and others do not.
I'm buying my first flat in Dartmouth Park benefiting from help to buy. The builders refused to move on the amount so I negotiated £7000 of fixtures and fittings instead. The estate agent suggested that I not inform my lawyer about this side-deal as it would affect my mortgage with the bank. 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.
I need to switch lawyers as my Dartmouth Park lawyer is not on the mortgage company's panel of conveyancing solicitors. Is it advisable to appoint a new law firm?
In the event that you have not formally appointed a solicitor to do anything for you and at this stage simply received an estimate as to costs, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Dartmouth Park that you're considering.