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It has come to my attention via my mortgage broker that my property lawyer is not on the First Direct Conveyancing panel. What can I do to check?
You need to contact your conveyancer. You lawyer should advise you what has happened. If they are not on the panel they may recommend you to a firm that is on the conveyancing panel for First Direct.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company First Direct will not agree to this. Why was First Direct even consulted?
Your lawyer being on the First Direct conveyancing panel is duty bound to inform First Direct of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to First Direct then they would have to discontinue acting for you and First Direct.
How up to date is your database of lawyers on the First Direct conveyancing panel? Do First Direct send you an updated list?
The firms themselves provide us confirmation that they are on the First Direct conveyancing panel as opposed to being supplied with a list from First Direct directly.
We're in Birmingham, First timers buying with a mortgage (lender is First Direct , but our lawyer is on the First Direct conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the First Direct conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a time-frame for your conveyancing due to third parties outside of our control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain
Do conveyancing solicitors on the First Direct conveyancing panel work on a no sale no fee basis?
There is generally no requirements by lenders for their firms to operate on a no-sale-no-fee basis. There a small number of lenders who operate a very restricted conveyancing panel managed by a third party company (often termed in the industry as a ‘gatekeeper’). That third party may impose certain conditions such as non-sale-no fee on the panel firms. If you require this as a condition of your conveyancing then you should check with the conveyancing firm that this is part of their package
For 5 years I had a mortgage with First Direct. My father has just retired and wants to pay off the mortgage left on the property. After First Direct is paid, I want to transfer the property to my mother's name; How long does the process take? Do we need two separate solicitors on the First Direct conveyancing panel? I do not intend to live at the property once the First Direct mortgage is discharged.
You
will need a solicitor but they need not be on the First Direct conveyancing panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
After much negotiation I have agreed a price on an apartment. My mortgage broker recommended their conveyancers I paid an upfront payment of 150. Soon after the conveyancers contacted me to say that they were not on the First Direct 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 First Direct 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.
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Transfer of Equity for First DirectPlease note that Lexsure Ltd is in no way associated with nor affiliated with Lexsure Solicitors