I am selling my apartment in Market Bosworth and the estate agent has just called to warn that the purchasers are swapping conveyancer. The reason given is that the mortgage company will only work with solicitors on their approved list. Why would a major lender only work with specific lawyers rather the firm that they want to choose for their conveyancing in Market Bosworth ?
Lenders have always had panels of law firms that can represent them, 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 more than 15 years.
Banks justify this action to a rise in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to reveal 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 purchasers are unlikely to have any sway in the decision.
I have been told that property searches are a common cause of delay in Market Bosworth house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published findings of a review by MoveWithUs that conveyancing searches do not figure within the common causes of delays during the legal transfer of property. Searches are not likely to feature in any slowing down conveyancing in Market Bosworth.
I'm purchasing a new build house in Market Bosworth with the aid of help to buy. The builders would not budge the amount so I negotiated £7000 of fixtures and fittings instead. The house builders rep suggested that I not disclose to my lawyer about this deal as it will jeopardize my mortgage with the bank. 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.
Given that I will soon spend £400,000 on 3 bedroom house in Market Bosworth I would like to talk to a conveyancer regarding thetransaction before giving the go ahead to the firm. Can this be arranged?
Absolutely - we would be happy to talk to you we do not take any clients on without you speaking to the solicitor due to be doing your property ownership legalities in Market Bosworth.There is no ‘factory style conveyancing’ - each client is an important individual, not a matter number. The law firms that we put you in touch with believe that the figure you are provided with for residential conveyancing in Market Bosworth should be the figure that you are charged.
I need to instruct a conveyancing solicitor in Market Bosworth for my home move. Is there any facility to see a solicitor's record with the profession’s regulator?
One can search for documented Solicitor Regulator Association (SRA) determinations resulting from investigations from 2008 onwards. Visit Check a solicitor's record. To find records about the period before 1 January 2008, or to check a firm's record, telephone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, call +44 (0)121 329 6800. The SRA may recorded call for training purposes.
I need to consider quotes for conveyancing in Market Bosworth from various conveyancer and decide on one. Am I right to tell them to hold tight until I have found somewhere to purchase.
You should wait to get your property lawyer to start work and apply for searches once the offer has been accepted on the property especially as Market Bosworth conveyancing searches are a couple of hundred pounds.