I am progressing with the sale of my home in Downham and the EA has just telephoned to advise that the buyers are changing their conveyancer. The excuse is that the bank will only work with solicitors on their approved list. On what basis would a major mortgage company only deal with specific lawyers rather the firm that they want to select for their conveyancing in Downham ?
UK lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Mortgage companies blame a rise in fraud by way of justification for the cull – criteria have been narrowed 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 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 unlikely to have any impact on this.
My partner and I intend to remortgage our maisonette in Downham with UBS. We have a son 19 who lives with us. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the property is forfeited by the lender. I have a couple of concerns (1) Is this form unique to the UBS conveyancing panel as he never had to sign this form when we purchased 5 years ago (2) Does our son by signing this compromise his entitlement to inherit the property?
First, rest assured that your UBS conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to UBS. This is solely used to protect UBS if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of UBS had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
At what point does exchange of contracts happen for domestic conveyancing in Downham and do I need to attend the solicitors office?
If you are round the corner to one of the conveyancing solicitors in Downham you are welcome to come in to sign contracts. That being said, the lender approved solicitors we work with offer a countrywide conveyancing service and give as equally diligent and professional a job for you when dealing with you electronically. The executing of the purchase agreement is not the important part. Signing on the dotted line simply enables the solicitor to officially exchange at the suitable time, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where a long "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Downham)to be in the office available at the end of the phone to exchange contracts.
I'm purchasing my first flat in Downham with a mortgage from Norwich and Peterborough Building Society. The developers refused to move on the price so I negotiated 6k of additionals instead. The estate agent told me not inform my lawyer about this side-deal as it may jeopardize my loan with the bank. 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.
Is it best to choose a Downham conveyancing solicitor based in the vicinity that I am purchasing? An old friend can conduct the conveyancing however her office is 400kilometers drive away.
The benefit of a local Downham conveyancing firm is that you can pop in to execute paperwork, deliver your identification documents and apply pressure on them if necessary. Having local Downham know how is a bonus. However it's more important to get someone that will do a good and efficient job. If other friends have used your friend and on the whole were content that should surpass using an unfamiliar Downham conveyancing solicitor solely due to them being Downham based.
We are considering appointing a web based property lawyer ahead of a Downham conveyancing practice. Any advice?
There are advantages of having the opportunity to attend a local Downham conveyancing solicitor such as
- signing papers on short notice
- often being able to see someone face-to-face can make a huge difference, particularly for more complex transactions
- the ability to complain if matters go pear-shaped
When comparing fees, look out for hidden extras. The majority decent Downham high street solicitors give an all-inclusive price. Often online companies appear to offer low cost fees, yet have burried 'extras' in the small print.