I am in the process of selling my ground floor flat in Bridgwater and the estate agent has just called to say that the purchasers are switching solicitor. The reason given is that the mortgage company will only work with solicitors on their conveyancing panel. On what basis would a leading mortgage company only work with specific lawyers rather the firm that they want to choose for their conveyancing in Bridgwater ?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Banks point to the increase in fraud by way of justification for the reduction – criteria have been stiffened 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. 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 purchasers are unlikely to have any sway in the decision.
I require conveyancing for an apartment in a fairly new development (five years old) in Bridgwater. 95% of the appartments have already been occupied. Do I need carry out the local searches as part of conveyancing in Bridgwater?
You would be putting yourself at risk in not carrying out Bridgwater conveyancing searches. Without searches you have no clarity over flooding, environmental etc which may mean you walk away due to potential problems down the line. If you are buying mortgage free there is no legal necessity to have them, but we would seriously advise in no uncertain terms that your solicitor conducts them. Where speed and cost are primary concerns you should consider with your lawyer about the viability of search insurance
Are the BSA intent on creating a online directory to to identify practices on the Earl Shilton BS conveyancing panel for instance in Bridgwater?
We are not aware of any intention on the part of the BSA to promote such a tool.
I used Arc property Solicitors several years past for my conveyancing in Bridgwater. I now require my file but cannot find the solicitor. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Bridgwater of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I am buying my first flat in Bridgwater with a mortgage from Yorkshire Building Society. The sellers refused to reduce the amount so I negotiated £7000 of extras instead. The sale representative told me not disclose to my conveyancer about this extras as it would affect my loan with the lender. Is this normal?.
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.