I am selling my ground floor flat in Lewes and the EA has just text me to advise that the purchasers are appointing a new solicitor. I am told that this is due to the fact that the lender will only engage with property lawyers on their conveyancing panel. On what basis would a big named mortgage company only work with specific solicitors rather the firm that they want to select for their conveyancing in Lewes ?
Mortgage companies have always had panels of law firms they are willing to work with, but in the past 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 more than 15 years.
Lending institutions point to the increase in fraud as the reason 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 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. The purchasers are unlikely to have any impact on this.
Are you able to suggest a Alliance & Leicester allowed Lewes conveyancing lawyer who can have us moved in within under 3 weeks? Would it be better to use a high street Lewes solicitor or a factory type comparison site?
We can recommend some very good Lewes conveyancing firms. Another option is to visit the high street in Lewes. Visit a couple of firms and request to speak with a conveyancing solicitor for a costs illustration. Discuss your deadline together with your reasons and ask for an assurance on your deadline. Choose the one that appears most efficient.
I am the registered owner of a freehold premises in Lewes yet pay rent, why is this and what is this?
It is rare for properties in Lewes and has limited impact for conveyancing in Lewes but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
We are expecting a mortgage offer soon. The lender mentioned the mortgage came with free conveyancing. Does this mean I have to instruct their panel lawyer as I would prefer to instruct a local conveyancing solicitor in Lewes?
Do check but the chances are that appoint one of their panel solicitors where you accept the "fee-free" incentive. Contact the bank and explore if they offer you a cash alternative. In the past a few mortgage companies offered a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor near Lewes.
I am buying my first flat in Lewes benefiting from help to buy. The builders would not budge the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep suggested that I not reveal to my conveyancer about the extras as it could adversely affect my loan with the lender. Do I keep my lawyer in the dark?.
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.
My brother has suggested that I use his conveyancing solicitors in Lewes. Do I follow his recommendation?
No doubt the best way to choose a conveyancing lawyer is to have guidance from friends or family who have actually experience in using the conveyancer you're considering.