I am progressing with the sale of my maisonette in Brantham and the estate agent has just e-mailed to warn that the buyers are swapping solicitor. The reason given is that the mortgage company will only deal with solicitors on their approved list. On what basis would a big named lender only work with certain law firms rather the firm that they want to appoint for their conveyancing in Brantham ?
UK lenders have always had an approved set of law firms that can represent them, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Mortgage companies point to the increase in fraud by way of justification for the cull – criteria have been narrowed 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. Some 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 buyers are unlikely to have any impact on this.
My god-son is purchasing a house that has just been built in Brantham with a home loan from Nationwide. His lawyer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Nationwide conveyancing panel as a standard part of the process, and to the valuer when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Nationwide conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Should lawyers ask for money up-front for my conveyancing in Brantham?
Where you are retaining lawyers for conveyancing in Brantham your lawyer will request that you place them with monies to cover the search fees. Ordinarily this is requested to cover the fees of the Local Authority Search. When the deposit is payable against the purchase price then this will be required shortly before contracts are exchanged. The final balance that is due should be sent to your lawyer a couple of days prior to the day of completion.
I appreciate that there are debates on Chancel Insurance on online forums. Am I compelled to have this when acquiring a house in Brantham? or I am told that there is a law dating back centuries that could mean that house owners living in a parish church boundary will be compelled to contribute towards repairs to the chancel in proximity to the church. Is this appropriate for conveyancing in Brantham?
Unless a prior acquisition of the premises completed after 12 October 2013 you may expect lawyers conducting conveyancing in Brantham to continue to advocate a chancel search and or chancel repair liability insurance.
New build sellers have put forward a solicitor and I've sought a quote from them. It's almost two hundred pounds less expensive than my preferred Brantham lawyer. What's the catch?
Developers frequently have panels of property lawyers who are quick and who know the seller’s paperwork and conveyancing practitioner. As many developers offer an inducement to choose a preferred conveyancing practitioner for this reason, any increased cost can be avoided and a developer will not suggest a conveyancing factory and run the risk of having the conveyancing delayed when they want exchange in 28 days. The argument for not opting for the recommended conveyancer is that they may be hesitant to 'push' your interests at the risk of upsetting the sellers. If you worry that this may be the situation you should stick with your high street Brantham lawyer.