I am selling my flat in Wedmore and the estate agent has just called to advise that the purchasers are appointing a new property lawyer. The reason given is that the mortgage company will only work with solicitors on their approved list. Why would a big named mortgage company only work with specific law firms rather the firm that they want to select for their conveyancing in Wedmore ?
Banks have always had an approved set of law firms they are willing to work with, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Lending institutions attribute this action to a rise in fraud as the reason for the cull – criteria have been stiffened 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. Some 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 buyers are unlikely to have any sway in the decision.
A colleague advised me that in purchasing a property in Wedmore there may be a number of restrictions prohibiting external alterations to a property. Is this right?
There are anumerous of properties in Wedmore which have some sort of restriction or requirement of consent to carry out external variations. Part of the conveyancing in Wedmore should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We have agreed to purchase a house in Wedmore. An unusual aspect is that the roof has a solar panel. TSB have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with TSB your lawyer must comply with the conveyancing instructions set out in Part 2 of UK Finance Lenders’ Handbook for TSB. The Council of Mortgage Lenders’ Handbook contains minimum requirements for solar panel roof-space leases, and property lawyers are required to report to TSB where a lease does not meet these conditions. The provisions relate to the installation of panels on properties countrywide and is not limited to Wedmore.
About to purchase flat in Wedmore. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Nationwide conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Wedmore lawyer is on the Nationwide conveyancing panel.
I'm buying my first flat in Wedmore benefiting from help to buy. The sellers refused to move on the price so I negotiated 6k of fixtures and fittings instead. The estate agent suggested that I not inform my solicitor about this extras as it would adversely affect my loan with the lender. Do I keep my lawyer in the dark?.
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 guidance of my in-laws I had a survey completed on a property in Wedmore ahead of appointing solicitors. I have been told that there is a flying freehold element to the property. The surveyor has said that some mortgage companies will refuse to give a mortgage on such a premises.
It depends who your proposed lender is. Santander has different instructions for example to Halifax. If you contact us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Wedmore. Conveyancing may be slightly more expensive based on your lender's requirements.
I need to find a conveyancing solicitor for sale conveyancing in Wedmore. I happened to stumble upon a site which appears to be the ideal answer If it is possible to get all formalities done via email that would be ideal. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
What is the average legal costs for conveyancing in Wedmore?
The average fee in 2014 for conveyancing in Wedmore was £1,500 excluding Stamp Duty and Land Registry fees.