I am progressing with the sale of my house in Peterlee and the EA has just called to advise that the buyers are appointing a new law firm. The excuse is that the bank will only engage with property lawyers on their approved list. On what basis would a big named mortgage company only engage with specific solicitors rather the firm that they want to appoint for their conveyancing in Peterlee ?
Lenders have always had an approved set of law firms they are willing to work with, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lending institutions attribute this action to a rise in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to maintain. 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 being contacted daily by practices that have been removed from panels. Plenty of firms 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.
we are a couple who are hoping to buy a purpose built flat in Peterlee with a residential mortgage from Nottingham Building Society.We have a Peterlee conveyancing solicitor but Nottingham Building Society says his firm is not listed on their approved list of member firms. It seems we have little choice but to instruct a Nottingham Building Society panel solicitor or retain our local solicitor and pay for a Nottingham Building Society panel lawyer to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. The home loan offered to you is subject to its terms and conditions, a common one being that solicitors needs to be on the Nottingham Building Society approved list. Until recently, most mortgage companies had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Nottingham Building Society
What is your number one tip for finding a conveyancing solicitor in Peterlee
We would encourage you not to go for the lowest Peterlee conveyancing costs illustration. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
Are all Peterlee Conveyancing Quality Solicitors on the TSB conveyancing panel?
A selection of lenders now utilise the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to join their panels.
I have today made my last payment due on my mortgage with Santander. I assume I don't need a Peterlee solicitor on the Santander panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Santander mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Santander mortgage from the register. Santander, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Santander has sent the Land Registry the discharge electronically, and
- Santander has instructed the Land Registry to do so
I am purchasing my first flat in Peterlee with a mortgage from Bank of Ireland. The developers refused to budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative suggested that I not reveal to my solicitor about the side-deal as it could adversely affect my loan with Bank of Ireland. Should I keep quiet?.
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.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what was supposed to be a quick, no chain conveyancing. Peterlee is where the house is located. What do you suggest?
Flying freeholds in Peterlee are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Peterlee you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Peterlee may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I am using a search engine for the phrase on line conveyancing in Peterlee it reveals many property lawyersin the area. How do I determine which is the suitable conveyancer for me?
The ideal way of finding the right conveyancer is via personal testimonial, so seek the guidance of friends and those you trust who have acquired a property in Peterlee or a respected estate agent or mortgage broker. Charges for conveyancing in Peterlee differ, so it's advisable to secure at least three fee calculations from varying types of conveyancers. Be sure to seek confirmation that the costs are assured not to rise.