Am I correct in assuming that the fact that my solicitor in Great Missenden is not on my lender's conveyancing panel that there is a problem with the standard of the firm’s conveyancing?
It would be unwise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Where you are concerned you should contact the Great Missenden conveyancing firm and enquire why they are no longer on the approved list for your mortgage company.
Will my conveyancing lawyers need to check that the building insurance when buying a house in Great Missenden. My lender is Nationwide Building Society
Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 28/4/2021, the requirements read as follows :
There are numerous conveyancing solicitors in Great Missenden but how do I know who's good?
Do not opt for the cheapest Great Missenden conveyancing quote. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in advance.
After much negotiation I have agreed a price on a house in Great Missenden. My financial adviser suggested a property lawyer. I paid an upfront payment of £225. A few days later, the solicitor contacted me embarrassingly acknowledging that they were not on the Coventry BS 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 Coventry BS 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.
TSB have agreed my mortgage in principle, my offer on a house in Great Missenden has been agreed to, what happens next?
The estate agent will want to know who your solicitors are (be sure the conveyancers are on the lender’s approved list). Telephone TSB or the financial adviser and finish off any relevant documentation. TSB will sellect a valuer who will get in contact with the selling agent or owners to arrange a slot for the valuation to take place. Once conducted (assuming no problems) it takes on average a week to get a mortgage offer. TSB will send the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Great Missenden.
I'm purchasing a new build house in Great Missenden benefiting from help to buy. The developers would not reduce the price so I negotiated £7000 of fixtures and fittings instead. The house builders rep advised me not disclose to my conveyancer about the extras as it would put at risk my loan with the lender. Do I keep my lawyer in the dark?.
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 am using a search engine for the words conveyancing in Great Missenden it shows results of numerous conveyancersin the area. How do I determine which is the right solicitor for me?
The best method of choosing a suitable conveyancer is through a trusted recommendation, so seek the counsel of friends and relatives who have bought a property in Great Missenden or a respected estate agent or financial adviser. Charges for conveyancing in Great Missenden differ, so it's a good idea to obtain a minimum of four estimates from varying types of law firms. Dont forget to clarify that the costs are assured not to to be inflated.