we are a couple who are buying a 1 bedroom apartment in Sydenham Hill with a mortgage from Coventry Building Society.We have a Sydenham Hill conveyancing practitioner but Coventry Building Society says he's not listed on their approved list of member firms. we are left little option but to use a Coventry Building Society panel firm or retain our local solicitor and fork out for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
No, not really. The loan offered to you contains various provisions, a common one being that solicitors will be on the Coventry Building Society conveyancing panel. in the past, most banks had large numbers of law firms on their panels: a borrower 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 solicitors to apply to be on the conveyancing panel for Coventry Building Society
My wife and I are buying a apartment in Sydenham Hill. I might seem paranoid but how we can trust a lawyer? On completion day we will need to deposit funds into their account. What is the protection we have from them run away with our deposit?
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 Bank of Ireland, do Sydenham Hill lawyers face an annual charge to be on the list of approved solicitors?
We are unaware of any mortgage company fees to be on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
After weeks of negotiation I have agreed a price on an apartment in Sydenham Hill. My financial adviser pressured me to appoint their conveyancer. I paid an upfront payment of £150. Soon after, the solicitor called me sheepishly admitting that they were not on the Principality conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Principality panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Despite weeks of looking the Title Certificate and documents to my property are lost. The solicitors who handled the conveyancing in Sydenham Hill 5 years ago no longer exist. Will I be able to sell the house?
Assuming you have a registered title the details of your proprietorship will be documented by HMLR with a Title Number. It is possible to execute a search at the Land Registry, identify your house and get up to date copies of the Registered Entries for less than a fiver. Where the title is Leasehold then the Land Registry will usually retain a certified copy of the Registered Lease and again, a copy can be ordered for a small fee.
I am purchasing my first flat in Sydenham Hill with the aid of help to buy. The builders would not move on the price so I negotiated £7000 of extras instead. The house builders rep told me not disclose to my conveyancer about the deal as it will put at risk my loan with the bank. 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.
I have been advised by two or three local estate agents in Sydenham Hill to choose a solicitor using your seach tool. Is there a financial inducement for Estate Agents to offer your services over and above another?
We refuse to give any referral fee for directing people to this site. We thought it would be too underhand a fee because members of the public would think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
My husband and I are selling a Sydenham Hill flat we inherited 5 years ago in 2009. I have over 15 years conveyancing know-how and, now retired, see no reason not to do my own conveyancing. The purchaser's conveyancing practitioner has informed me that their building society will not allow us to do our own conveyancing requiring the funds to be released via a solicitor's bank account.
Lending instructions to solicitors from all CML members state that If the vendor is not legally represented the borrower's lawyers should check whether the bank needs to be told so that a decision can be reached if they are prepared to progress.