I am progressing with the sale of my flat in Fulwell and the estate agent has just telephoned to say that the purchasers are appointing a new conveyancer. I am told that this is due to the fact that the bank will only engage with solicitors on their conveyancing panel. Why would a major lender only work with specific lawyers rather the firm that they want to choose for their conveyancing in Fulwell ?
Lenders have always had an approved set of law firms they are willing to work with, but in the last few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Mortgage companies attribute this action to a rise in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to maintain. Banks tend not to disclose 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 sway in the decision.
Would the conveyancing solicitors listed on your site carry out conveyancing in Fulwell by way of an attended exchange?
There are a few conveyancing experts carrying out attended exchanges. Do call us to receive a fee calculation and details as to availability.
My lawyer has informed me that absentee landlord insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Fulwell?
The right level of absentee landlord indemnity insurance should be dictated by who your lender. It would differ for example between National Westminster Bank and Barnsley Building Society. Conveyancing lawyers as opposed to borrowers take out such insurances.
We had chosen solicitors with offices in Fulwell on the Bank of Ireland solicitor panel. They have just billed me an additional amount for the legal aspects of the Bank of Ireland mortgage. Is this an additional conveyancing fee specified by Bank of Ireland?
Provided it is contained in their Terms and Conditions or Quote then yes your lawyer may levy a fee for this. The charge is not dictated by Bank of Ireland but by your Fulwell property lawyer. Plenty of firms on the Bank of Ireland panel will levy an ‘acting for lender’ fee but plenty of firms incorporate it on their overall fee.
I have paid off my mortgage with TSB. I assume I don't need a Fulwell lawyer on the TSB panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your TSB mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the TSB mortgage from the register. TSB, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where TSB has sent the Land Registry the discharge electronically, and
- TSB has instructed the Land Registry to do so
I am buying a property and the solicitor has identified Chancel Repair to which the house may be liable as it falls into the area of such a church. She has recommended insurance. Is this strictly warranted for conveyancing in Fulwell
Unless a previous purchase of the premises took place after 12 October 2013 you may assume that solicitors delivering conveyancing in Fulwell to continue to recommend a chancel search and or insurance against a claim.
I am purchasing a new build house in Fulwell with a loan from Barclays Direct. The builders would not budge the amount so I negotiated 6k of additionals instead. The property agent advised me not reveal to my solicitor about this side-deal as it could impact my loan with Barclays Direct. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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 am using a search engine for the words cheap conveyancing in Fulwell it reveals many solicitorslocally. How do I determine which is the suitable solicitor for my move?
The ideal method of finding the right conveyancer is through a personal testimonial, so seek the opinion of colleagues and family who have purchased a property in Fulwell or the local estate agent or mortgage broker. Fees for conveyancing in Fulwell vary, so it's a good idea to request a minimum of four fee estimates from varying types of solicitors. Be sure to secure confirmation that the fees are fixed.