I am nearing exchange of contracts for my flat in Sleaford and the estate agent has just called to warn that the purchasers are switching conveyancer. The excuse is that the bank will only work with property lawyers on their approved list. On what basis would a big named mortgage company only deal with specific law firms rather the firm that they want to appoint for their conveyancing in Sleaford ?
Lenders have always had panels of law firms they are willing to work with, 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 more than 25 years.
Banks blame a rise in fraud by way of justification for the reduction – criteria have been stiffened 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 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. Your purchasers are unlikely to have any impact on this.
My colleague recommended that if I am purchasing in Sleaford I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is sometimes included in the estimate for your Sleaford conveyancing searches. It is a large report of about 40 pages, listing and setting out important information about Sleaford around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Sleaford Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Sleaford Education with maps and statistics, Local Amenities and other useful data about Sleaford.
I'm buying my first flat in Sleaford with a mortgage from Santander. The sellers would not budge the amount so I negotiated 6k of additionals instead. The house builders rep suggested that I not disclose to my solicitor about the deal as it may impact my mortgage with the lender. Do I keep my lawyer in the dark?.
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.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one near me in Sleaford I like with open areas and station in the vicinity, the downside is that it's only got 49 years on the lease. I can't really find anything else in Sleaford in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will be an issue. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
Should I be suspicious by estate agents that I am dealing with are suggesting an online conveyancing firm as opposed to a High Street Sleaford conveyancing practice?
As is the case with lots of professional services, often recommendations from family and friends can be very helpful. Nevertheless there are numerous parties with a keen interest in a conveyancing transaction; estate agents, financial adviser and banks may suggest solicitors to select. Sometimes these lawyers might be known to one of the organisations as one of the best in their field, but sometimes there might be a financial incentive behind the endorsement. You are free to appoint your own lawyer. However, bear in mind that the majority of mortgage providers specify a panel list of solicitors you are obliged to use for the mortgage aspect of your house move.
I need to instruct a conveyancing solicitor for my conveyancing in Sleaford. I've stumble across a site which appears to be the perfect answer If it is possible to get all formalities completed via phone that would be ideal. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?