I am progressing with the sale of my home in Datchet and the estate agent has just called to say that the purchasers are swapping law firm. I am told that this is due to the fact that the mortgage company will only engage with solicitors on their conveyancing panel. On what basis would a major mortgage company only work with specific law firms rather the firm that they want to appoint to handle their conveyancing in Datchet ?
Banks have always had panels of law firms that can represent them, but in the last few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders blame a rise in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices 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 purchasers are unlikely to have any sway in the decision.
A friend suggested that if I am buying in Datchet I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally quoted for as part of the standard Datchet conveyancing searches. It is a large document of more than thirty pages, listing and setting out important information about Datchet around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with plans and statistics, Local Amenities and other useful data concerning Datchet.
I own a semi-detached Georgian property in Datchet. Conveyancing practitioner represented me and Clydesdale. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, another for leasehold under the exact same property. I'd like to know for sure, how can I find out??
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Datchet and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with lenders. You can also enquire as to the situation with your conveyancing solicitor who completed the work.
I am purchasing a new build house in Datchet with a loan from Leeds Building Society. The developers refused to reduce the price so I negotiated 6k of extras instead. The estate agent suggested that I not reveal to my solicitor about this deal as it would adversely affect my mortgage with Leeds Building Society. Do I keep my lawyer in the dark?.
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 decided to have a survey done on a property in Datchet in advance of instructing conveyancers. I have been told that there is a flying freehold overhang to the property. My surveyor advised that some banks will not grant a loan on a flying freehold home.
It varies from the lender to lender. HSBC has different instructions from Nationwide. If you call us we can check via the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Datchet. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Datchet to see if the conveyancing costs will increase in light of this.