I am nearing exchange of contracts for my maisonette in Ladywell and the estate agent has just telephoned to say that the purchasers are appointing a new property lawyer. The reason given is that the lender will only work with solicitors on their approved list. Why would a major mortgage company only deal with specific lawyers rather the firm that they want to appoint for their conveyancing in Ladywell ?
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 reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Lending institutions point to the increase in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to disclose 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. Plenty of firms 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 purchasers are unlikely to have any impact on this.
Having sold my house in Ladywell last May but my buyer keeps whats apping daily to say his solicitor is waiting to hear from mylawyer. What should my lawyer have done now that I have sold?
Following your house sale your solicitor should deliver the transfer documentation and all additional paperwork to the buyer’s conveyancer. Depending on the transaction, your lawyer must also evidence that the home loan has been repaid to the purchasers conveyancers. There are no post completion requirements just for conveyancing in Ladywell.
Are there restrictive covenants that are commonly identified during conveyancing in Ladywell?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Ladywell. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm buying my first flat in Ladywell with the aid of help to buy. The developers refused to budge the amount so I negotiated five thousand pounds worth of extras instead. The sale representative suggested that I not disclose to my lawyer about this extras as it would jeopardize my loan with The Mortgage Works. 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.
How do I use the search app to choose a conveyancing solicitor in Ladywell on the approved list for my bank?
Step one is to pick a lender such as Santander, Barnsley Building Society or Platform Home Loans Ltd then type in your preferred area for instance Ladywell. Conveyancing firms in Ladywell and nationally should be shown.
My husband and I are FTB’s - had an offer accepted, yet the property agent has warned us that the owners will only issue a contract if we use their chosen lawyers as they are insisting on an ‘expedited deal’. My instinct tells me that we should use a family solicitor with experience of conveyancing in Ladywell
We suspect that the owner is not behind this ultimatum. If they want ‘a quick sale', taking such a hostile approach to a motivated purchaser is counter productive. Contact the sellers directly and explain that (a)you are serious purchasers (b)you are ready to go, with finances arranged © you are unencumbered (d) you intend to proceed fast (e)but you will continue to appoint your preferred Ladywell conveyancing solicitors - not the ones that will give the negotiator at the agency a kickback or meet his conveyancing targets pre-set by HQ.