I am selling my flat in Holt and the EA has just e-mailed to say that the purchasers are changing their solicitor. I am told that this is due to the fact that the lender will only engage with property lawyers on their conveyancing panel. Why would a leading mortgage company only deal with certain lawyers rather the firm that they want to select to handle their conveyancing in Holt ?
UK lenders have always had an approved set of law firms that can act for them, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Mortgage companies blame a rise in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to keep an eye on. 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 do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are not going to have any sway in the decision.
Why do I have to pay up front when it comes to conveyancing in Holt?
Where you are retaining lawyers for conveyancing in Holt your solicitor will request that you to provide them with funds to cover the search fees. This will be the total of the cost of the conveyancing searches. If any down payment is as part of the sale price then this should be needed shortly in advance of exchange of contracts. Any further balance that is due will be payable a couple of days prior to the day of completion.
This question may be naive but I am new to the process as FTB of a ground floor flat in Holt. Do I receive the keys to the premises on the completion date from my conveyancer? If so, I will instruct a High Street conveyancing solicitor in Holt?
On the day of completion you do not need to go to the conveyancers office in Holt. Conveyancing lawyers for you will electronically transfer the purchase money to the vendor’s solicitors, and once they have received this, you will be called to collect the keys from the selling Agents and start moving into the property. Usually this occurs between 1 and 3pm.
Can you help - my lawyer says that lack of planning permission insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Holt?
The appropriate level of lack of planning permission indemnity insurance depends on who your lender is. It would differ for example between Accord Mortgages Ltd and Bank of Scotland. Conveyancing lawyers as opposed to members of the public take out such insurances.
It is unclear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Holt building society branch on various occasions and was advised it wasn't an issue and they would lend. My Holt conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they refuse to lend in accordance with their specific requirements. I have no idea who is right.
As long as the conveyancer is on the lender approved list, she or he must follow the CML Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
Should my lawyer be raising questions about flooding during the conveyancing in Holt.
The risk of flooding is if increasing concern for lawyers dealing with homes in Holt. Some people will buy a house in Holt, completely aware that at some time, it may be flooded. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Solicitors are not qualified to impart advice on flood risk, but there are a numerous checks that may be initiated by the purchaser or by their lawyers which will give them a better understanding of the risks in Holt. The standard information given to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the owner to find out whether the property has suffered from flooding. In the event that flooding has previously occurred which is not disclosed by the seller, then a purchaser may commence a legal claim for losses as a result of such an misleading reply. A buyer’s solicitors will also order an enviro search. This should disclose whether there is any known flood risk. If so, further investigations should be conducted.
I am buying a new build house in Holt with the aid of help to buy. The sellers would not budge the price so I negotiated five thousand pounds worth of extras instead. The house builders rep advised me not to tell my lawyer about this extras as it will impact my loan with the lender. 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.
Been reading online that Holt solicitors are more expensive than Holt conveyancers in Holt when it comes to purchasing a house. Am I better off using a conveyancer or a solicitor if I am buying for my home move in Holt.
When it comes to conveyancing in Holt the costs are unlikely to vary dramatically depending on whether the legal expert is a licenced conveyancer or solicitor.