I am selling my flat in Histon and the EA has just text me to warn that the buyers are swapping conveyancer. I am told that this is due to the fact that the lender will only engage with solicitors on their approved list. Why would a big named mortgage company only work with specific solicitors rather the firm that they want to choose for their conveyancing in Histon ?
Banks have always had panels of law firms they are content to work with, but in the past few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks attribute this action to a rise in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to reveal 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. 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. Your purchasers are not going to have any impact on this.
AssumingI was to buy a simple residential propertyin Histon for cash and dispense with a survey and no conveyancing searches how much would I expect to to save on my conveyancing in Histon?
Any savings you would make will be isolated to the Histon conveyancing searches. Your conveyancing practitioner still got to do everything else - money laundering, correspond with the vendors solicitor, stamp duty submission, register the ownership etc. A slight saving might be made by not having to register a mortgage however it will not be meaningful.
Completed the sale of my flat in Histon last September yet the purchaser is Skype messaging every few hours complaining that their solicitor needs to hear from myconveyancer. What are the post completion sale legalities now that I have sold?
Post completion of your sale your conveyancer is obliged to deliver the transfer deeds and all additional paperwork to the purchaser's solicitors. Where appropriate, your solicitor should also send confirmation that the mortgage has been repaid to the purchasers conveyancers. There is unlikely to be post completion steps unique to conveyancing in Histon.
Various internet forums that I have frequented warn that are the main reason for stalling in Histon conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not feature within the most frequent causes of delays during the legal transfer of property. Searches are unlikely to feature in any slowing down conveyancing in Histon.
I'm buying my first flat in Histon with a loan from Barclays . The sellers would not budge the price so I negotiated £7000 of additionals instead. The house builders rep told me not to tell my lawyer about the extras as it could jeopardize my loan with the lender. 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.
My son is embarking on her first house purchase, the home loan was agreed last week in principle. One the seller agreed the offer on the house we contacted the bank to progress the mortgage application. I was disappointed to learn that mortgage companies do not accept all conveyancer, they must be on their panel, is this right?
Lenders ordinarily restrict either the type or the number of conveyancing firms on their approved list of lawyers. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Histon solicitor on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Presumably not.