I am selling my flat in Mablethorpe and the estate agent has just e-mailed to warn that the purchasers are swapping solicitor. The reason given is that the bank will only work with property lawyers on their approved list. Why would a big named lender only work with certain lawyers rather the firm that they want to choose for their conveyancing in Mablethorpe ?
Mortgage companies have always had an approved set of law firms that can act for them, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for over 25 years.
Lending institutions point to the increase in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to monitor. No lender will say 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 unlikely to have any impact on this.
I am purchasing a house for cash in Mablethorpe. I have resided for the previous 15 years in Mablethorpe. Conveyancing searches are exorbitant. Given that I know the road and vicinity very well must I have all the conveyancing searches?
In the absence of a mortgage, then the vast majority of the Mablethorpe conveyancing searches are at your discretion. Your solicitor will 'advise', no-doubt strongly, that you should have searches carried out, but he has a professional duty to take that path of advice. Do consider; if you are going to dispose of the house in the future, it will likely be be of relevance to your future purchaser what the searches disclose. Sometimes houses with apparent issues can still throw up unpredicted search results. A competent conveyancing solicitor in Mablethorpe should be able to give you some practical guidance concerning this.
I am buying a new build house in Mablethorpe with a loan from Santander. The builders would not reduce the amount so I negotiated 6k of additionals instead. The property agent told me not inform my lawyer about this side-deal as it would put at risk 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.
I opted to have a survey completed on a property in Mablethorpe before instructing lawyers. I have been informed that there is a flying freehold aspect to the property. Our surveyor has said that some banks may not give a loan on a flying freehold property.
It varies from the lender to lender. HSBC has different instructions from Birmingham Midshires. If you contact us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Mablethorpe. Conveyancing may be slightly more expensive based on your lender's requirements.
I was pointed in your direction by a number of property agents in Mablethorpe to find a conveyancer using your seach tool. What’s the financial inducement for Estate Agents to recommend your lawyers over and above a competitor’s?
We refuse to offer any financial incentive for pointing buyers and sellers to this site. We found it would be just too difficult to pay a commission as members of the public would think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
How do I find a Mablethorpe conveyancing solicitor on the lender conveyancing panel? I have a car and am prepared to travel up to 15kilometers to attend the conveyancer.
Feel free to make use of the find a conveyancing panel search on this website. Please choose the lender and your location, in this case Mablethorpe and you will see a number of lawyer located nearest Mablethorpe. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the lender solicitor panel.