I am nearing exchange of contracts for my home in Heathfield and the estate agent has just telephoned to advise that the buyers are swapping conveyancer. I am told that this is due to the fact that the bank will only work with property lawyers on their approved list. Why would a big named lender only work with specific lawyers rather the firm that they want to select for their conveyancing in Heathfield ?
Lenders have always had panels of law firms they are willing to work with, but in the last 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.
Banks point to the increase in fraud as the reason for the pruning – 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 says 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. Your buyers are unlikely to have any sway in the decision.
Our bank has recommended a law firm on their panel based in Heathfield but I would rather use a conveyancing lawyer in Heathfield local to me. Can you help?
Far from all Heathfield conveyancing solicitors are on all banks conveyancing panel. Use the above search tool to find a Heathfield conveyancing solicitor on the on the lender panel.
How can we tell if a Heathfield conveyancing solicitor on the Coventry BS panel is any good?
When it comes to conveyancing in Heathfield getting recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the solicitor handling your conveyancing.
I have a mortgage with Barclays for my property in Heathfield. Conveyancing has been completed a year ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Barclays?
Your original mortgage agreement with Barclays will provide that you need their approval before renting your property as this is likely to be a breach of Barclays’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Barclays directly. It should not be necessary to do this via a Barclays conveyancing panel lawyer.
The formalities of my purchase has taken place for my property in Heathfield. Conveyancing was of an acceptable standard but I would like to complain about the lender. How do I make a complaint?
Almost all banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Team at head office. Ordinarily complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
I am buying my first flat in Heathfield with the aid of help to buy. The developers refused to budge the amount so I negotiated 6k of fixtures and fittings instead. The sale representative suggested that I not inform my solicitor about the deal as it could adversely affect my loan with The Royal Bank of Scotland. 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 am looking for a leasehold apartment up to £235,500 and found one close by in Heathfield I like with a park and transport links nearby, the downside is that it's only got 51 remaining years left on the lease. I can't really find anything else in Heathfield suitable, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a mortgage the remaining unexpired lease term may be problematic. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for at least 2 years you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
We are 17 days into a residential purchase having been directed to solicitors by the selling agent to handle our conveyancing in Heathfield. I am not happy. Could you help me find new solicitors?
They would have to be very poor to suggest replacing them. Has your mortgage offer been sent? In the event that it has you need to make them aware of the new contact details and get the mortgage documents are issued to the new lawyers. Your conveyancer needs to be on the mortgage company approved list to avoid escalating costs and complications. That should be your first question of the new lawyers. Our find a solicitor tool should help you find a bank approved conveyancer for your conveyancing in Heathfield