I am in the process of selling my flat in Millom and the estate agent has just text me to advise that the buyers are changing their solicitor. The reason given is that the mortgage company will only work with property lawyers on their approved list. On what basis would a leading mortgage company only engage with specific law firms rather the firm that they want to select to handle their conveyancing in Millom ?
Mortgage companies have always had panels of law firms they are content to work with, 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 represented them for decades.
Mortgage companies blame a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. 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. The purchasers are not going to have any sway in the decision.
The Millom conveyancing firm handling our Millom conveyancing has uncovered a difference between the information in the home valuation survey and what is in the title deeds. My solicitor has advised that he is duty bound to check that the lender is OK with this discrepancy and is still content to lend. Is my lawyer’s course or action legitimate?
Your solicitor must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
We have agreed to purchase a house in Millom. One unusual aspect is that the roof has a solar panel. RBS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is RBS your lawyer must check the conveyancing instructions outlined in Part 2 of UK Finance Lenders’ Handbook for RBS. The Council of Mortgage Lenders’ Handbook sets out minimum specifications for solar panel roof-space leases, and conveyancing practitioners are required to report to RBS where a lease does not satisfy these requirements. The specifications relate to the installation of panels on properties in England and Wales and is not restricted to Millom.
After months of negotiation I have agreed a price on an apartment in Millom. My mortgage broker pressured me to appoint their property lawyer. I paid an upfront payment of £150. Shortly after, the conveyancer called me sheepishly admitting that they were not on the Principality conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Principality panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I was told four weeks ago that my mortgage has been agreed to by Barclays. Is it usual for Barclays to only issue the offer once my solicitor in Millom is approved on their conveyancing panel? Barclays have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Barclays to deal with your lawyer's application to be on the Barclays conveyancing panel. There's no guarantee that your solicitor will be accepted.
I have been told that property searches are the main cause of hinderance in Millom house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not figure amongst the common causes of hindrances during the legal transfer of property. Searches are not likely to be the root cause of holding up conveyancing in Millom.
I am buying my first flat in Millom with the aid of help to buy. The sellers would not budge the price so I negotiated £7000 of fixtures and fittings instead. The house builders rep told me not disclose to my lawyer about this extras as it will affect 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.
Is it true that a Millom conveyancing solicitor has court proceedings brought against them by a client for not carrying out the right conveyancing searches?
Our attention has not be brought to such a Millom conveyancing claim but according to a recent report, a couple buying a property elsewhere in England successfully won a claim against their property lawyer as a consequence of development plans to construct a wind farm not being identified in conveyancing searches.
If you are buying in Millom It is important that your property lawyer carry out all Millom conveyancing searches necessary to ensure you have accurate and current information before buying a property.