I am nearing exchange of contracts for my house in Peterlee and the EA has just called to say that the buyers are changing their law firm. The reason given is that the bank will only work with property lawyers on their conveyancing panel. Why would a leading mortgage company only engage with specific lawyers rather the firm that they want to select for their conveyancing in Peterlee ?
Mortgage companies have always had an approved set of law firms that can represent them, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Banks point to the increase in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to disclose 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 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. The buyers are not going to have any sway in the decision.
How can we know in advance if a Peterlee conveyancing solicitor on the RBS panel is any good?
When it comes to conveyancing in Peterlee obtaining recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the solicitor carrying out your conveyancing.
We have agreed to purchase a house in Peterlee. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Aldermore be concerned?
As your lender is Aldermore your lawyer must comply with the formal requirements outlined in Part two of UK Finance Lenders’ Handbook for Aldermore. The CML Handbook stipulates minimum specifications for solar panel roof-space leases, and conveyancing practitioners are required to report to Aldermore where a lease fails to meet these specifications. The specifications relate to the installation of panels on properties in England and Wales and is not isolated to Peterlee.
The formalities of my remortgage has taken place for my property in Peterlee. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
Most banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Department at head office. We understand that 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 who will take matters further.
Various internet forums that I have visited warn that are the number one reason for delay in Peterlee conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of delays during the legal transfer of property. Searches are unlikely to be the root cause of slowing down conveyancing in Peterlee.
I'm purchasing a new build house in Peterlee with the aid of help to buy. The builders would not move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative suggested that I not disclose to my solicitor about this extras as it would affect my mortgage with the lender. 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 encouragement of my in-laws I had a survey completed on a house in Peterlee ahead of appointing solicitors. I have been advised that there is a flying freehold overhang to the property. The surveyor advised that some mortgage companies may refuse to give a loan on such a house.
It depends who your proposed lender is. Santander has different instructions from Halifax. If you contact us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Peterlee. Conveyancing will be smoother if you use a solicitor in Peterlee especially if they are acquainted with such properties in Peterlee.
How does the Landlord & Tenant Act 1954 affect my commercial premises in Peterlee and how can you help?
The particular law that you refer to affords security of tenure to commercial tenants, giving them the right to make a request to court for a renewal tenancy and remain in occupation at the end of the lease term. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Peterlee is one of the numerous areas of the UK in which our lawyers are located