I am progressing with the sale of my house in Rossington and the estate agent has just called to warn that the buyers are swapping law firm. I am told that this is due to the fact that the lender will only work with solicitors on their approved list. Why would a major lender only work with certain solicitors rather the firm that they want to choose to handle their conveyancing in Rossington ?
Lenders have always had panels of law firms that can act for them, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks point to the increase in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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 impact on this.
Our god-son is about to exchange on a new build apartment in Rossington with a home loan from TSB. His conveyancer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the TSB conveyancing panel as a standard part of the process, and to the surveyor when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the TSB conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
A relative informed me that in buying a property in Rossington there may be a number of restrictions limiting what one can do in terms of external alterations to a property. Is this right?
We are aware of a number of properties in Rossington which have some sort of restriction or requirement of consent to perform external alterations. Part of the conveyancing in Rossington should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Last month we had a mortgage agreed in principle with Lloyds. Rossington conveyancing lawyers are selected. What is the average time that one could expect to receive a mortgage offer from Lloyds?
There is no definitive answer here. Have Lloyds completed the valuation? Have you advised Lloyds as to your lawyers' details and checked that your lawyers are on the Lloyds conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
The mortgage over my property is with Aldermore for my property in Rossington. Conveyancing has been completed 12 months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Aldermore?
You must advise Aldermore before letting out your property as this is likely to be a breach of Aldermore’s mortgage conditions. It may be that Aldermore will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Aldermore directly. You need not do this via a Aldermore conveyancing panel lawyer.
five months have elapsed following my purchase conveyancing in Rossington took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
In my capacity as executor for the will of my uncle I am selling a property in Cardiff but live in Rossington. My lawyer (approximately 260 miles from meneeds me to sign a statutory declaration prior to the transaction finalising. Could you suggest a conveyancing lawyer in Rossington who can witness and place their company stamp on the document?
Technically speaking you are not likely to be required to have the documents witnessed by a conveyancing solicitor. Ordinarily or notary public or qualified solicitor will be fine regardless of whether they are Rossington based
My wife and I are buying a studio flat in Rossington. When we first instructed solicitor, they said that they were on all major UK mortgage company panels. The mortgage broker called yesterday to advise that they don't appear to be on the Bank of Ireland approved list. If it turns out to be true, what should we do? Do we just find a new property lawyer that is on their approved list or should we pay for dual representation, with Bank of Ireland appointing their own approved property lawyer.
Where you are buying a property with the assistance of a mortgage it is normal for the buyer’s solicitors to also act for the mortgage company. In order to act for a bank or building society a solicitor has to be on that lender's conveyancing panel. An application has to be made by the property lawyer to the lender to become a member of the lender's panel and there are increasingly strict conditions which the solicitor has to meet. Some banks now require their panel firms to be part of the Law Society’s Conveyancing Accreditation Scheme. Your lawyer should call Bank of Ireland and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on Bank of Ireland's conveyancing panel and you may continue to use your own Rossington solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another solicitor into the mix.