I am progressing with the sale of my home in Great Baddow and the EA has just called to advise that the buyers are swapping property lawyer. The excuse is that the mortgage company will only engage with solicitors on their conveyancing panel. Why would a leading mortgage company only work with certain solicitors rather the firm that they want to select to handle their conveyancing in Great Baddow ?
UK lenders have always had panels of law firms they are content to work with, but in recent years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lending institutions attribute this action to a rise in fraud by way of justification for the reduction – criteria have been narrowed 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 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 sway in the decision.
The Great Baddow conveyancing firm handling our Great Baddow conveyancing has discovered an inconsistency between the surveyor’s assumptions in the valuation survey and what is revealed within the conveyancing documents. My lawyer has advised that he must ensure that the lender is OK with this discrepancy and is content to go ahead. Is my conveyancer’s stance right?
Your solicitor must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Various online forums that I have come across warn that are the main reason for stalling in Great Baddow house deals. Is this right?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not feature within the common causes of hindrances during the legal transfer of property. Local searches are unlikely to be the root cause of slowing down conveyancing in Great Baddow.
I'm buying my first flat in Great Baddow benefiting from help to buy. The developers would not reduce the amount so I negotiated 6k of fixtures and fittings instead. The estate agent suggested that I not disclose to my lawyer about this side-deal as it will put at risk my loan with the lender. Should I keep quiet?.
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.
What can I expect to pay for conveyancing in Great Baddow?
The total sum levied for Great Baddow conveyancing fees are likely to be calculated at:
- a set charge; or
- on a time spent basis (i.e. the time spent on the particular case).
In reality very few Great Baddow conveyancing firms charge on an hourly basis