I am nearing exchange of contracts for my maisonette in Barnard Castle and the estate agent has just called to warn that the buyers are appointing a new law firm. I am told that this is due to the fact that the bank will only work with property lawyers on their conveyancing panel. On what basis would a leading lender only deal with certain solicitors rather the firm that they want to select to handle their conveyancing in Barnard Castle ?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Mortgage companies blame a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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. Your purchasers are unlikely to have any impact on this.
Do lawyers request money up-front when it comes to conveyancing in Barnard Castle?
Where you are retaining lawyers for conveyancing in Barnard Castle your lawyer will request that you to provide them with funds to cover the search fees. This will be the total of the cost of the conveyancing searches. When the down payment is as part of the total price then this should be required immediately in advance of exchange of contracts. Any further balance that is needed should be transferred shortly before completion.
My bank has suggested a law firm on their panel based in Barnard Castle but I would rather instruct a conveyancing lawyer in Barnard Castle local to me. Are you able to help?
The minority of Barnard Castle conveyancing firms are listed all lender’s conveyancing panel. Please make the most of the above find an approved solicitor tool to locate a Barnard Castle conveyancing conveyancer on the on the bank panel.
is it true that all Barnard Castle conveyancing solicitors on the UBS conveyancing panel are governed by the Solicitors Regulatory Authority?
As solicitors, in order to be on the UBS approved list of solicitors they would need to be overseen by the SRA. Many mortgage companies do allow licenced conveyancers on their panel in which case such practice would be overseen by the CLC.
I can not fathom if my bank requires a lease extension. I have called into my local Barnard Castle bank branch on a couple of occasions and was told they are content with the situation and they will lend. My Barnard Castle conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they would not lend in accordance with their specific requirements. Who do I believe?
The property lawyer must follow the CML Handbook section two requirements for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
TSB have agreed my home loan in principle, my offer on a house in Barnard Castle has been agreed to, now what?
Your estate agent will want to be informed of your lawyer's details (ensure that the conveyancing practitioners are on the bank’s approved list). Call up TSB or the broker and complete any relevant documentation. TSB will appoint a valuer who will get in contact with the selling agent or vendor to arrange an appointment. Once carried out (assuming no problems) it takes about a week to receive the mortgage offer. TSB will send the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Barnard Castle.
I am purchasing my first flat in Barnard Castle with the aid of help to buy. The sellers would not budge the amount so I negotiated five thousand pounds worth of extras instead. The property agent suggested that I not reveal to my conveyancer about this side-deal as it would impact my mortgage 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.