I am in the process of selling my apartment in South Woodham Ferrers and the EA has just telephoned to say that the purchasers are appointing a new conveyancer. The reason given is that the bank will only deal with property lawyers on their conveyancing panel. Why would a big named lender only deal with specific lawyers rather the firm that they want to appoint for their conveyancing in South Woodham Ferrers ?
Mortgage companies have always had panels of law firms that can act for them, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Banks point to the increase in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. No lender will say 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.
Can you clarify what the consequences are if my lawyer’s firm is suspended from the Principality Solicitor panel ahead of completing my conveyancing in South Woodham Ferrers?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Will commercial conveyancing searches disclose impending roadworks that could impact a commercial premises in South Woodham Ferrers?
Many commercial conveyancing solicitors in South Woodham Ferrers will execute a SiteSolutions Highways report as it reduces the time that conveyancers spend in investigating accurate data on highways that impact buildings and development assets in South Woodham Ferrers. The report sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in South Woodham Ferrers.
For each commercial conveyancing transaction in South Woodham Ferrers it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately can result in delays to South Woodham Ferrers commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not ordered for domestic conveyancing in South Woodham Ferrers.
I'm purchasing my first flat in South Woodham Ferrers benefiting from help to buy. The sellers would not move on the amount so I negotiated 6k of fixtures and fittings instead. The house builders rep suggested that I not inform my lawyer about the side-deal as it will impact my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
In searching the internet for the words conveyancing in South Woodham Ferrers it shows results of numerous solicitorsin the area. How do I determine which is the right solicitor for purchase transaction?
The best way of choosing the right conveyancer is through a trusted testimonial, so ask colleagues and relatives who have bought a property in South Woodham Ferrers or a local estate agent or mortgage broker. Fees for conveyancing in South Woodham Ferrers differ, so it's sensible to request a minimum of four fee calculations from varying types of conveyancers. Be sure to secure confirmation that the fees are fixed.
How and when do I cover the costs of the Stamp Duty Land Tax payable for my South Woodham Ferrers flat purchase?
The majority of lawyers tend to complete a Land Transaction Return Form on your behalf during your South Woodham Ferrers purchase transaction for signature. On completion your conveyancing practitioner will submit your Land Transaction Return Form to the Inland Revenue and - as long as they have the money - settle any tax bill payable on your behalf.