My fiance and I are planning to buy a property in Kings Langley and have instructed a Kings Langley conveyancing firm. Within the last couple of days our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. Barnsley Building Society have this evening contacted us to advise us that there is now an issue as our Kings Langley solicitor is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance it is conventional for the purchasers' solicitors to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Kings Langley lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
In the event thatI was to acquire a simple residential propertyin Kings Langley for cash and have no survey and no local authority searches how much should I expect to have to pay for conveyancing in Kings Langley?
Any savings you would achieve will be isolated to the costs for searches. A conveyancing practitioner is obliged to do the vast majority of work - money laundering, liaising with the vendors conveyancing practitioner, stamp duty return, register the ownership etc. You might save a bit for them not needing to register a charge however it won't be meaningful.
Does a directory service exist listing RBS panel solicitors in Kings Langley on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such facility on the CML or Building Society Association sites. A small selection of lenders make their panel listings available online. If you are in need of a Kings Langley conveyancing practitioner on the RBS please make the most of our tool.
How can we know in advance if a Kings Langley conveyancing solicitor on the TSB panel is any good?
When it comes to conveyancing in Kings Langley seeking recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always recommend that you speak with the solicitor handling your conveyancing.
My husband and I have arranged the release of further funds on our mortgage from Santander as we intend to conduct a loft conversion to our house in Kings Langley. Are we obliged to appoint a high street Kings Langley solicitor on the Santander conveyancing panel to handle the paperwork?
Santander don't usually appoint firms on their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Santander panel.
I am purchasing my first flat in Kings Langley with a loan from Britannia. The sellers would not move on the amount so I negotiated 6k of additionals instead. The house builders rep suggested that I not inform my lawyer about this deal as it would put at risk my mortgage with Britannia. 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.
Do I need to be concerned by brokers that I am dealing with are recommending a factory type conveyancing firm as opposed to a High Street Kings Langley conveyancing practice?
As is the case with lots of service providers, often referrals from relatives can be worth their weight in gold. But there are many people with a keen interest in a conveyancing deal; estate agents, mortgage brokers and mortgage companies may recommend conveyancers to select. On occasion these solicitors might be known to one of the organisations as one of the best in their field, but sometimes there might be a financial incentive behind the endorsement. You are at liberty to select your own lawyer. However, bear in mind that the majority of lenders specify a panel list of solicitors you are obliged to use for the lender related work in your conveyancing.