I can't travel far from Sutton. I would like to know the reason why all Sutton conveyancing practitioners aren't automatically on all bank panels?
Lenders highlight the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud every year.The dismissal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lending institutions to review their conveyancing panels, which triggered a major policy change in the sector. This led to lenders purging less reputable firms from their panel of approved property lawyers .
We are buying a property in Sutton. I might seem paranoid but how we can trust a conveyancer? On completion day we have to send money into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
When it comes to lenders such as Barclays, do Sutton conveyancers incur an annual charge to be on the list of approved solicitors?
We are not aware of any bank fees to register on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
My partner and I have organised a further advance on our mortgage from RBS as we wish to carry out alterations to our house in Sutton. Do we need to select a local Sutton solicitor on the RBS conveyancing panel to handle the legals?
RBS don't usually require firms on their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the RBS panel.
We are planning on selling our home in Sutton and the buyers lawyers are claiming that there is a possibility that the property was built on contaminated land. Any local lawyer would know this is not the case. For the life of me I don't know why the buyers instructed a nationwide conveyancing practice as opposed to a conveyancing solicitor in Sutton. We have lived in Sutton for six years we know that this is a non issue. Is it a good idea to get in touch with our local Authority to seek confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing solicitor already. Are they able to advise? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
Are there restrictive covenants that are commonly picked up during conveyancing in Sutton?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Sutton. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am buying my first flat in Sutton with a mortgage from Nottingham Building Society. The developers would not budge the price so I negotiated five thousand pounds worth of extras instead. The sale representative advised me not to tell my solicitor about this extras as it may put at risk my loan with the lender. 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.
Are there any apps to help search for a Sutton conveyancing solicitor on the mortgage company conveyancing panel? I have a car and am prepared to travel up to twentymiles to meet the lawyer.
Feel free to make use of the find a conveyancing panel search on this website. Please choose the lender and your location, in this case Sutton and you will see a number of lawyer located nearest Sutton. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the mortgage company solicitor panel.