I am nearing exchange of contracts for my home in Eaglescliffe and the estate agent has just e-mailed to warn that the buyers are changing their property lawyer. The excuse is that the bank will only work with property lawyers on their conveyancing panel. On what basis would a big named mortgage company only engage with specific lawyers rather the firm that they want to appoint for their conveyancing in Eaglescliffe ?
Lenders have always had panels of law firms they are content to work with, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Lenders attribute this action to a rise in fraud as the reason for the cull – 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 claims that it is being contacted daily by practices 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 sway in the decision.
Our nephew is about to exchange on a newly built flat in Eaglescliffe with a home loan from Nottingham. His conveyancer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Nottingham conveyancing panel as a standard part of the process, and to the surveyor when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Nottingham conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
What happens if my lawyer’s firm is suspended from the Coventry BS Solicitor panel ahead of completing my conveyancing in Eaglescliffe?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Various online forums that I have visited warn that are the number one cause of hinderance in Eaglescliffe house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of delays during the legal transfer of property. Local searches are not likely to feature in any delay in conveyancing in Eaglescliffe.
I'm remortgaging my primary property to a BTL loan with Britannia and I will use the ballance of the raised equity towards a second house. The location we are looking at is Eaglescliffe. Will your conveyancers be able to act for the two mortgage companies and tie in the two deals?
Do use our comparison tool on this site to check that the conveyancers are on the relevant lender panels. On the basis that they are your lawyer will be able to connect the two transactions but you should talk with you conveyancer and communicate your expectations and requirements.
What is the reason for new build conveyancing in Eaglescliffe being more expensive?
Conveyancing in Eaglescliffe for recently converted or new build properties often involve adoption of highways & drains, building regulations approval, planning permission, new build warranties such NHBC as well as additional queries and contractual considerations.