I am in the process of selling my apartment in Kirkby and the EA has just e-mailed to say that the buyers are changing their conveyancer. The reason given is that the bank will only work with property lawyers on their conveyancing panel. Why would a big named mortgage company only work with certain solicitors rather the firm that they want to appoint for their conveyancing in Kirkby ?
UK 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 Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders justify 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 monitor. 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 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. Your buyers are not going to have any impact on this.
I sincerely hope you can help me. My Kirkby lawyer is assuring me that she is duty bound toorder Kirkby conveyancing searches due to the fact thatthe firm are on the Nat Westsolicitor panel. Is my lawyer right?
You have limited options available to you. As you are taking a home loan with a bank your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to comply with the Council of Mortgage Lenders’ Handbook conditions . Even if you were a cash buyer you would be ill advised not to carry out Kirkby conveyancing searches.
I have been told that property searches are a common cause of stalling in Kirkby house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of hindrances during the legal transfer of property. Searches are unlikely to be the root cause of delay in conveyancing in Kirkby.
I'm buying a new build house in Kirkby with a mortgage from Bank of Ireland. The developers would not move on the amount so I negotiated £7000 of extras instead. The property agent told me not reveal to my solicitor about the deal as it could put at risk my loan with the lender. Is this normal?.
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.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what should have been a quick, no chain conveyancing. Kirkby is where the house is located. Is there any advice you can impart?
Flying freeholds in Kirkby are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Kirkby you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Kirkby may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
We are soon to exchange buying a house in Kirkby but as a result of damage from the recent storms I have agreed recompense from the seller of £2k taking the form of a reduction in the price. I had intended this to be addressed as part of the conveyancing process however my mortgage company will not permit this. Why were they approached?
Any conveyancing practitioner listed on a bank approved list is required to advise the mortgage company of any variations to the sale amount. If you were to refuse your lawyer to report the reduction to your mortgage company then they would need to discontinue representing you and the bank.