I am in the process of selling my house in Scotter and the estate agent has just called to advise that the buyers are switching property lawyer. The excuse is that the lender will only work with property lawyers on their conveyancing panel. On what basis would a big named lender only engage with specific law firms rather the firm that they want to appoint to handle their conveyancing in Scotter ?
UK lenders have always had panels of law firms that can represent them, but in the last few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many 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 oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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 unlikely to have any impact on this.
Our god-son is purchasing a house that has just been built in Scotter with a mortgage from Skipton. His solicitor has advised him of a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form 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 Skipton conveyancing panel as a standard part of the process, and to the valuer when requested. 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 Skipton conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We are planning to move house in August. Should my conveyancing solicitor liaise with the removal company on the day of completion. On a separate note, can you suggest a removal company in Scotter. Conveyancing lawyer was organised before I stumbled across your website.
On the day of completion you can collect the house keys from your property agent however this can only happen when the previous owners conveyancers advise the agent that they acknowledge receipt of the completion payment and the keys can be passed over. After that you will need to tell the removal company that you are ready to move in. We are not in a position to suggest a particular removal organisation but can help you choose a residential property solicitor in Scotter or a lawyer that specialises in conveyancing in Scotter.
I'm the single recipient of my late grandmother’s will and I have everything in my name alone, including the my former home in Scotter. The Scotter property was put into my name in June. I now wish to sell up. I understand that there is a Mortgage Lenders six month 'rule', meaning my property ownership could be regarded the same way as though I had purchased the house in June. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be caught by that. Most mortgage companies would take a practical view as this requirement is primarily there to pick up on subsales or the quick reselling of properties.
I currently have a mortgage with Barclays for my property in Scotter. Conveyancing was finalised 12 months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Barclays?
You must advise Barclays prior to renting your property as this is likely to be a breach of Barclays’s mortgage conditions. It may be that Barclays will allow you to rent 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 Barclays directly. It should not be necessary to do this via a Barclays conveyancing panel lawyer.
I am looking for a leasehold apartment up to £195,000 and found one close by in Scotter I like with open areas and railway links nearby, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in Scotter in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a mortgage that many years will likely be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you may ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
I have been sourcing a conveyancing lawyer in Scotter for my house move. Can I review a firm’s complaints history with the profession’s regulator?
Anyone may find presented Solicitor Regulator Association (SRA) determinations stemming from investigations started on or after 1 January 2008. Visit Check a solicitor's record. To find records Pre 2008, or to check a firm's history, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, dial +44 (0)121 329 6800. The regulator may recorded call for training reasons.
My 20yr old son is embarking on her first house purchase, he had his mortgage in principle. When the seller agreed the offer on the flat we contacted the building society to go forward with his. We were shocked to hear that mortgage lenders do not accept all property lawyer, they have to be on a list, is this right?
Lenders ordinarily restrict either the type or the number of conveyancing practices on their panel. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Scotter lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Presumably not.