I am one month into the sale of my apartment in Nailsworth and the estate agent has just text me to warn that the buyers are changing their solicitor. I am told that this is due to the fact that the bank will only work with solicitors on their conveyancing panel. Why would a leading lender only engage with certain lawyers rather the firm that they want to select for their conveyancing in Nailsworth ?
Banks have always had an approved set of law firms that can represent them, but in the last few 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 over 25 years.
Banks point to the increase in fraud by way of justification for the pruning – criteria have been narrowed 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 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 buyers are not going to have any sway in the decision.
Me and my fiancee are acquiring our first property. Our conveyancing practitioner has e-mailedto see if we wish to take out additional conveyancing searches. Unfortunately we are clueless as to what's relevant for conveyancing in Nailsworth
The range of Nailsworth conveyancing searches should be triggered based primarily on the premises, the location, the probability of any of these risks, your familiarity of the locality and risks, your overall approach to risk. What is important is that you properly comprehend what information the searches could give you. You may then decide if you consider that you need that information. Where you are unclear, ask your conveyancing practitioner to guide you.
We are due to move property in June. Does my conveyancing solicitor update the removal company on the completion day. As an aside, can you put forward a removal company in Nailsworth. Conveyancing firm was chosen before I stumbled across this page.
On the afternoon of completion you can pick up the house keys from the property agent however this can only happen when the previous owners conveyancers confirm to the agent that they have the completion monies and the keys can be given over. After that you should tell the removal company that they can start moving you in. We do not suggest a specific removal company but can help you locate a conveyancing in Nailsworth or a lawyer with expertise in conveyancing in Nailsworth.
I am due to exchange contracts on my flat. I had a double glazing fitted in February 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, RBS are being problematic. The Nailsworth solicitor who is on the RBS conveyancing panel is recommending indemnity insurance as a solution but RBS are insisting on a building regulation certificate. Why do RBS have a conveyancing panel if they don't accept advice from them?
It is probably the case that RBS have referred the matter to their valuer. The reason why RBS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I was told two weeks ago that my mortgage has been agreed to by Principality. Is it usual for Principality to only issue the offer once my solicitor in Nailsworth is approved on their conveyancing panel? Principality have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Principality to deal with your lawyer's application to be on the Principality conveyancing panel. There's no guarantee that your solicitor will be accepted.
My wife and I have a terraced Victorian house in Nailsworth. Conveyancing lawyer acted for me and Lloyds TSB Bank. I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, the second leasehold with the exact same address. I thought I was buying a freehold how can I check?
You should assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Nailsworth and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the situation with your conveyancing solicitor who conducted the purchase.
I am buying my first flat in Nailsworth with the aid of help to buy. The sellers would not reduce the amount so I negotiated 6k of additionals instead. The property agent advised me not reveal to my solicitor about this deal as it will adversely affect my mortgage with the bank. 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.
Due to the input of my in-laws I had a survey completed on a property in Nailsworth ahead of retaining lawyers. I have been advised that there is a flying freehold element to the house. The surveyor has said that some lenders will refuse to grant a mortgage on a flying freehold house.
It varies from the lender to lender. Bank of Scotland has different requirements from Halifax. If you call us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Nailsworth. Conveyancing will be smoother if you use a solicitor in Nailsworth especially if they regularly deal with such properties in Nailsworth.