I am in the process of selling my house in Stanwick and the estate agent has just called to say that the buyers are switching property lawyer. The excuse is that the lender will only deal with solicitors on their conveyancing panel. Why would a leading mortgage company only deal with specific law firms rather the firm that they want to appoint for their conveyancing in Stanwick ?
Mortgage companies have always had panels of law firms they are content to work with, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lending institutions blame a rise in fraud as the reason for the reduction – criteria have been narrowed 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 claims that it is being contacted daily by practices 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 not going to have any sway in the decision.
Various online forums that I have frequented warn that are the number one reason for delay in Stanwick conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not figure within the common causes of hindrances in the conveyancing process. Searches are not likely to feature in any delay in conveyancing in Stanwick.
I'm purchasing a new build house in Stanwick benefiting from help to buy. The developers would not budge the price so I negotiated £7000 of additionals instead. The property agent suggested that I not to tell my conveyancer about this side-deal as it would adversely affect my loan with Aldermore. Should I keep quiet?.
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 advice of my in-laws I had a survey completed on a property in Stanwick ahead of appointing solicitors. I have been told that there is a flying freehold aspect to the house. Our surveyor advised that some banks will not issue a mortgage on such a house.
It varies from the lender to lender. Lloyds has different requirements for example to Birmingham Midshires. If you call us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Stanwick. Conveyancing may be slightly more expensive based on your lender's requirements.
Am I best advised to use a Stanwick conveyancing lawyer based in the area that I am buying? An old friend can deal with the conveyancing but his firm is located a couple of hundredmiles drive away.
The benefit of a local Stanwick conveyancing firm is that you can pop in to sign documents, hand in your identification documents and apply pressure on them where appropriate. Having local Stanwick know how is a plus. However it's more important to get someone that will pull out all the stops for you. If you know people who used your friend and they were impressed that must trump using an unknown Stanwick conveyancing lawyer just because they are local.
We are buying a 2 bedroom flatin Stanwick with a home loan from a bank. We have a lawyer in Stanwick but our mortgage company inform us now that she’s not listed on their "panel". It seems we have little choice but to instruct from the our bank panel firms or stay with our Stanwick solicitor and incur the extra fees for one of their panel ones to represent our lender. This seems very unfair; Can we not simply insist that our bank use our Stanwick lawyer?
No, not really. The mortgage company home loan offered to you is subject to conditions, one of which will be that lawyers will on the lender's conveyancing panel. Until recently, most lenders had open panels, including almost all conveyancing solicitors in Stanwick : a mortgagee could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for your bank.