My wife and I are hoping to purchase a home in Cotswolds and have appointed a Cotswolds conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Halifax have this afternoon contacted us to inform me that there is now an issue as our Cotswolds lawyer is not on their approved list of lawyers. Please explain?
Where you are buying a property needing a mortgage it is standard for the purchasers' solicitors to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Cotswolds solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
We have rather brash sellers who has recommended a exclusivity agreement with a non-refundable deposit 6,000. Are such agreements promoted for Cotswolds conveyancing transactions?
Exclusivity contracts are agreements between a property vendor and purchaser granting the buyer the sole right to the sale of the property within a prescribed time frame. Essentially, an exclusivity is a document specifying that you will have a contract at a later date which is the contract for the actual sale. It is generally used for buyer assurance though in many situations, the vendor may stand to benefit from such agreements as well. There are various pros and cons to using them but you should to check with your lawyer but note that it may end up incurring more in conveyancing charges. In light of these reasons these contracts are avoided in relation to conveyancing in Cotswolds.
I'm purchasing my first flat in Cotswolds with a loan from Virgin Money. The builders would not move on the price so I negotiated five thousand pounds worth of additionals instead. The sale representative advised me not reveal to my conveyancer about the deal as it may adversely affect my loan with the bank. 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.
I have been pointed in your direction by three or four local estate agents in Cotswolds to locate a conveyancer using your seach tool. What’s the financial upside for Estate Agents to recommend your lawyers rather than a competitor’s?
We refuse to give any commission for directing people our way. We found it would be just too difficult a fee because home movers will think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
My husband and I are purchasing a three bedroom bungalowin Cotswolds with a residential mortgage from a bank. We have selected a lawyer in Cotswolds however our bank inform us now that he's not listed on their "panel". Apparently we need to choose one of the our lender panel solicitors or keep our Cotswolds solicitor and incur the extra fees for one of their panel ones to represent our bank. This seems very unfair; is there anything we can do?
Unfortunately,no. The mortgage company mortgage offered to you is subject to conditions, one of which will be that lawyers will on the bank's conveyancing panel. Until recently, most banks had large numbers of law firms on their panels, including almost all conveyancing solicitors in Cotswolds : a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for your lender.