I am progressing with the sale of my apartment in Cottingham and the estate agent has just telephoned to advise that the buyers are switching solicitor. The excuse is that the mortgage company will only engage 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 select to handle their conveyancing in Cottingham ?
UK lenders have always had an approved set of law firms they are willing to work with, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lending institutions justify this action to a rise in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to oversee. No lender will say 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. 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. The purchasers are not going to have any impact on this.
I require conveyancing for a flat in a fairly new development (6 years built) in Cottingham. 95% of the appartments have already been sold. Do I need carry out the neighbourhood searches for my conveyancing in Cottingham?
You are putting yourself at risk in not carrying out Cottingham 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 requirement to have them, but we would strongly advise in no uncertain terms that your solicitor conducts them. Where accelerating the process and driving down costs are top of your issues you should discuss with your lawyer about the option of search insurance
I can not work out if my lender requires a lease extension. I have telephoned my Cottingham bank branch on a couple of occasions and was advised it wasn't a problem and they will lend. My Cottingham conveyancing solicitor - who is on the bank conveyancing panel- called to say that they refuse to lend in accordance with their published requirements. I simply don't know who is right.
The conveyancer has to comply with the CML Handbook Part 2 requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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.
After much negotiation I have agreed a price on a house in Cottingham. My financial adviser pressured me to appoint their conveyancer. I paid an upfront payment of £175. Not long after, the conveyancer contacted me sheepishly admitting that they were not on the Skipton conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Skipton panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
About to purchase apartment in Cottingham. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Nationwide conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Cottingham conveyancer is on the Nationwide conveyancing panel.
It has been five months since my purchase conveyancing in Cottingham completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm buying my first flat in Cottingham with the aid of help to buy. The developers would not budge the price so I negotiated 6k of additionals instead. The estate agent suggested that I not disclose to my lawyer about the side-deal as it may jeopardize my mortgage with Barclays Direct. 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.