I am selling my house in Byfleet and the estate agent has just telephoned to say that the buyers are switching solicitor. The excuse is that the bank will only work with property lawyers on their conveyancing panel. Why would a leading lender only deal with specific lawyers rather the firm that they want to choose to handle their conveyancing in Byfleet ?
Lenders 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 considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Mortgage companies point to the increase in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. 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. The buyers are not going to have any impact on this.
I am buying a right to buy a flat in Byfleet. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Byfleet you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Byfleet.
A relative advised me that in purchasing a property in Byfleet there could be a number of restrictions as to what one can do in terms of external changes to a property. Is this right?
We are aware of anumerous of properties in Byfleet which have some sort of restriction or requirement of consent to execute external changes. Part of the conveyancing in Byfleet should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
When it comes to lenders such as Coventry BS, do Byfleet conveyancers have to pay an annual charge to be on the conveyancing panel?
We are unaware of any lender fees to be on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
We previously appointed conveyancing lawyers with offices in Byfleet on the Yorkshire BS solicitor panel. They have just billed me a further sum for dealing with the Yorkshire BS mortgage. Is this a supplemental conveyancing fee set by Yorkshire BS?
Provided it is contained in their Terms and Conditions or Quote then yes your conveyancing practitioner may charge a fee for this. This fee is not dictated by Yorkshire BS but by your Byfleet solicitor. Numerous firms on the Yorkshire BS panel will quote an ‘acting for lender’ fee but many firms incorporate it on their overall fee.
I am purchasing my first flat in Byfleet benefiting from help to buy. The builders would not move on the amount so I negotiated 6k of fixtures and fittings instead. The estate agent advised me not to tell my conveyancer about the extras as it will affect my loan with Nationwide Building Society. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.
I am looking for a flat up to £305k and found one round the corner in Byfleet I like with a park and railway links nearby, however it only has 49 years on the lease. There is not much else in Byfleet for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a mortgage the shortness of the lease will be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.