I am nearing exchange of contracts for my apartment in Waterlooville and the estate agent has just telephoned to advise that the buyers are swapping solicitor. The excuse is that the bank will only work with property lawyers on their conveyancing panel. On what basis would a leading mortgage company only work with certain solicitors rather the firm that they want to select to handle their conveyancing in Waterlooville ?
Mortgage companies have always had panels of law firms that can act for them, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Mortgage companies point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to reveal 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 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 unlikely to have any sway in the decision.
My Waterlooville conveyancer has identified a discrepancy when comparing the information in the home valuation report and what is revealed within the conveyancing documents. My lawyer informs me that he needs to ensure that the lender is happy with this discrepancy and is still content to lend. Is my lawyer’s approach correct?
Your conveyancer must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
I am looking to buy a flat and require a conveyancing solicitor in Waterlooville who is on the Coventry Building Society solicitor. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Coventry Building Society in certain locations such as Waterlooville. We dont recommend any particular firm.
I am buying my first flat in Waterlooville benefiting from help to buy. The builders refused to budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative told me not inform my solicitor about this deal as it could impact my mortgage with the lender. Should I keep quiet?.
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 opted to have a survey done on a property in Waterlooville before instructing lawyers. I have been told that there is a flying freehold aspect to the property. The surveyor advised that some banks tend not grant a mortgage on this type of property.
It depends who your proposed lender is. HSBC has different instructions for example to Halifax. Should you wish to call us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Waterlooville. Conveyancing will be smoother if you use a solicitor in Waterlooville especially if they are familiar with such properties in Waterlooville.
In my capacity as executor for the will of my father I am disposing of a residence in Swansea but I am based in Waterlooville. My lawyer (approximately 200 miles awayneeds me to execute a statutory declaration prior to completion. Can you recommend a conveyancing solicitor in Waterlooville who can attest and place their company stamp on the document?
Technically speaking you should not be required to have the documents attested by a conveyancing solicitor. Normally or notary public or qualified solicitor will suffice regardless of whether they are based in Waterlooville