I am progressing with the sale of my house in Liss and the estate agent has just e-mailed to advise that the purchasers are appointing a new law firm. I am told that this is due to the fact that the lender will only work with property lawyers on their approved list. Why would a major lender only engage with specific lawyers rather the firm that they want to select for their conveyancing in Liss ?
Lenders have always had an approved set of law firms that can act for them, but in recent 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.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been tightened 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 says 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 sway in the decision.
My aunt passed away last year and as sole heir and executor I was left the property in Liss. The house had a small mortgage remaining of approximately £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Virgin Money, pay off the mortgage. Is this possible?
If you plan to refinance then Virgin Money will insist on your using a conveyancer on the Virgin Money conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Virgin Money conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Virgin Money mortgage is registered as a charge at the Land Registry.
Should our solicitor be raising questions concerning flooding as part of the conveyancing in Liss.
Flooding is a growing risk for solicitors dealing with homes in Liss. There are those who buy a house in Liss, 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. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Lawyers are not qualified to impart advice on flood risk, but there are a numerous searches that may be carried out by the buyer or by their solicitors which can figure out the risks in Liss. The conventional set of information supplied to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) contains a standard question of the seller to determine if the property has ever been flooded. In the event that the property has been flooded in past which is not revealed by the owner, then a purchaser may issue a legal claim for losses resulting from an incorrect answer. The purchaser’s lawyers will also carry out an enviro search. This should indicate if there is any known flood risk. If so, additional investigations should be conducted.
I am buying my first flat in Liss with a mortgage from Godiva Mortgages Ltd. The builders refused to move on the amount so I negotiated five thousand pounds worth of extras instead. The estate agent told me not disclose to my lawyer about the deal as it would jeopardize my mortgage with the lender. Do I keep my lawyer in the dark?.
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.
We're new to the buying process - agreed a price, but the property agent told us that the seller will only proceed if we use the agent's chosen lawyers as they need an ‘expedited deal’. We would rather use a local solicitor who is familiar with conveyancing in Liss
We suspect that the owner is unaware of this request. If they desire ‘a quick sale', turning down a genuine buyer is likely to cause more damage than good. Avoid the agents and go straight to the sellers and make the point that (a)you are keen to buy (b)you are ready to progress, with finances in place © you do not need to sell (d) you intend to proceed fast (e)but you intend to appoint your preferred Liss conveyancing lawyers - as opposed tothose that will give the estate agent a referral fee or hit his conveyancing thresholds demanded by head office.
I have today had an offer accepted on a leasehold flat in Liss and the mortgage adviser that we are using recommended his property lawyer. They quoted £800 excluding VAT and disbursements. Does this sound reasonable?
Don't just go on 1 quote. You should seek like-for-like quotes for your conveyancing in Liss. Then pick one that you are comfortable with and crucially, is on the approved list of the lender that you have applied for a mortgage from.