I am in the process of selling my apartment in Markfield and the estate agent has just text me to warn that the buyers are switching conveyancer. The excuse is that the bank will only deal with solicitors on their approved list. Why would a big named lender only engage with certain solicitors rather the firm that they want to choose to handle their conveyancing in Markfield ?
UK lenders have always had an approved set of law firms they are content to work with, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Mortgage companies blame a rise in fraud as the reason for the cull – 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 claims that it is being contacted daily by practices 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. The purchasers are unlikely to have any impact on this.
We are getting the release of further funds on our mortgage from RBS as we wish to conduct improvements to our home in Markfield. Do we need to appoint a local Markfield solicitor on the RBS conveyancing panel to deal with the paperwork?
RBS do not ordinarily instruct firms on their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the RBS conveyancing panel.
Completion of my remortgage has taken place for my property in Markfield. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
Almost all banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Team at head office. In most cases complaints to a lender are sorted out effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
Our sealed bid on a semi in Markfield has been agreed to, the vendors do however have a tied purchase. The sellers have placed an offer on a flat, but it’s not yet agreed to, and are looking at other flats booked. I have instructed a nearby conveyancing solicitor in Markfield. What do I do now? At what point do I apply for the mortgage with Co-operative?
It is usual to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is in the region of one thousand pounds, then survey, Markfield conveyancing search fees, etc). First, you must ensure that your property lawyer is on the Co-operative approved list. As to the subsequent phase this very much dictated by the specifics of your case, motivation for the property and on the state of the market. During a rising market the majority of buyers would apply for the mortgage with Co-operative and pay for the valuation and only if it comes back ok would they pay their property lawyer to press on with the conveyancing in Markfield.
We are downsizing from our house in Markfield and according to the buyers it appears that there is a possibility that the property was built land that was not decontaminated. Any high street Markfield conveyancer would know that there is no such problem. It does beg the question why the purchasers are using a web based conveyancing practice rather than a conveyancing solicitor in Markfield. Having lived in Markfield for six years we know of no issue. Is it a good idea to contact our local Authority to seek clarification that the buyers are looking for.
It would appear that you have a conveyancing solicitor already. Are they able to advise? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same ailment)
The deeds to my property are lost. The lawyers who did the conveyancing in Markfield 4 years ago are no longer around. Will I be able to sell the house?
Nowadays there are copies made of almost everything, and your lawyer will be aware exactly where to look for all the relevant documentation so you may buy or dispose of your house without a hitch. Where duplicates can’t be located, your conveyancer may be able to arrange cover in the form of insurance or indemnities against possible claims on the property.
Due to the encouragement of my in-laws I had a survey completed on a house in Markfield in advance of appointing conveyancers. I have been informed that there is a flying freehold overhang to the house. The surveyor advised that some banks may refuse to grant a loan on such a property.
It depends who your proposed lender is. Santander has different instructions for example to Birmingham Midshires. If you call us we can check via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Markfield. Conveyancing may be slightly more expensive based on your lender's requirements.
When it comes to my conveyancing in Markfield should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Markfield conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the conveyancer's time in submitting the funds this way.