I am in the process of selling my apartment in Hyde and the EA has just e-mailed to advise that the buyers are changing their conveyancer. The excuse is that the bank will only work with property lawyers on their conveyancing panel. Why would a major lender only engage with specific solicitors rather the firm that they want to appoint for their conveyancing in Hyde ?
Lenders have always had panels of law firms that can represent them, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Mortgage companies point to the increase in fraud by way of justification for the cull – criteria have been tightened 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 being contacted daily by practices 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. Your buyers are unlikely to have any impact on this.
My husband and I intend to remortgage our apartment in Hyde with Nottingham. We have a son 18 who lives with us. Our solicitor requested us to identify any adults other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the property is repossessed. I have two concerns (1) Is this document specific to the Nottingham conveyancing panel as he never had to sign this form when we bought 4 years ago (2) Does our son by signing this extinguish his rights to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Nottingham. This is solely used to protect Nottingham if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Nottingham had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I am buying a garden flat in Hyde. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Hyde you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Hyde.
Various internet forums that I have frequented warn that are a common cause of obstruction in Hyde house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not figure within the most frequent causes of delays during the legal transfer of property. Local searches are not likely to be the root cause of holding up conveyancing in Hyde.
I am buying a new build house in Hyde with a loan from Alliance & Leicester . The builders refused to reduce the amount so I negotiated 6k of additionals instead. The property agent advised me not disclose to my lawyer about this deal as it could impact my loan with Alliance & Leicester . Is this normal?.
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.