I am selling my flat in Eaglescliffe and the estate agent has just e-mailed to warn that the buyers are changing their solicitor. The reason given is that the lender will only deal with property lawyers on their conveyancing panel. On what basis would a big named mortgage company only engage with certain lawyers rather the firm that they want to select for their conveyancing in Eaglescliffe ?
UK lenders have always had panels of law firms they are willing to work with, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lenders point to the increase in fraud as the reason for the cull – criteria have been narrowed 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 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. Your buyers are not going to have any impact on this.
We expect to receive a AIP from RBS this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do RBS recommend any Eaglescliffe solicitors on the RBS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Eaglescliffe solicitors independently although you'll need to choose one on the RBS conveyancing panel. The solicitor represents both you and RBS through the process.
It is unclear whether my bank requires a lease extension. I have telephoned my Eaglescliffe building society branch on a couple of occasions and was told they are content with the situation and they would lend. My Eaglescliffe conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
The conveyancing practitioner has to follow the CML Handbook Part 2 provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the bank 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
Planning on purchasing a maisonette in Eaglescliffe. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Co-operative 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 Eaglescliffe solicitor is on the Co-operative conveyancing panel.
I am buying a new build house in Eaglescliffe with a mortgage from Norwich and Peterborough Building Society. The sellers would not reduce the amount so I negotiated £7000 of additionals instead. The house builders rep suggested that I not reveal to my lawyer about this extras as it will impact my mortgage with the lender. Is this normal?.
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 opted to have a survey done on a house in Eaglescliffe prior to retaining conveyancers. I have been advised that there is a flying freehold element to the house. The surveyor advised that some lenders may refuse to issue a mortgage on this type of home.
It depends who your proposed lender is. HSBC has different requirements for example to Nationwide. If you call us we can look into this further via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Eaglescliffe. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Eaglescliffe to see if the conveyancing costs will increase in light of this.
How can the Landlord & Tenant Act 1954 impact my commercial premises in Eaglescliffe and how can your lawyers assist?
The particular law that you refer to affords protection to commercial lessees, granting the dueness to make a request to court for a continuation of occupancy at the end of an expired lease. There are limited grounds that a landlord can refuse a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Eaglescliffe is one of the many locations in which the firms we work with are based