Unfortunately I am unable to travel far from Llanon. Is there a reason why all Llanon conveyancers are not on all lender panels?
Before the recession most banks displayed an attitude to risk which is different from today. The Financial Services Authority in 2010 instigated a thematic review into fraud which in summary warned lenders: know the lawyers on your panel. Accordingly, mortgage companies have since looked to extract more data from law firms regarding their processes and the staff employed by them and set certain criteria such as completing a minimum number of transactions. Hundreds of firms have found themselves removed from lender panels even though they had an exemplary track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms were never going to meet the criteria of amount of transactions the mortgage companies required.
I have a decision in principle. The bank mentioned the mortgage came with free conveyancing. Is the implication that I have to use their panel conveyancer as I would prefer to use a Llanon based conveyancing firm?
You should check but the chances are that appoint one of their panel solicitors if you accept the "fee-free" deal. Contact the lender and determine if they allow a cash alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case that money can go towards your preferred conveyancing solicitor in Llanon.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Llanon?
There are two types of lawyers who can carry out conveyancing in Llanon namely CLC regulated conveyancers or solicitors. Both professionals administer conveyancing services that you need to complete the disposal or acquisition of property. Both are obliged to handle Llanon conveyancing to the same quality and guidelines so you can be sure that your conveyancing will be professionally conducted and that the requisite procedures should be appropriately attended to.
We previously selected solicitors located in Llanon on the HSBC solicitor panel. They are now charging me an additional fee for the legal aspects of the HSBC mortgage. Is this a supplemental conveyancing fee specified by HSBC?
As unfair as it may appear, as long as it’s in their Terms of Engagement or estimate then yes your solicitor may charge a fee for this. This fee is not set by HSBC but by your Llanon conveyancing practitioner. Plenty of firms on the HSBC panel will charge ’dealing with mortgage’ fee but many practices include it on their overall fee.
My fiancee and I are in the throws of viewing flats in Llanon and I am now considering a potential offer. Is it advisable to have my conveyancer on ‘stand by’? I will be getting a home loan with UBS.
You should start obtaining conveyancing estimates from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the estate agent. Given that you are seeking a mortgage with UBS, make sure you remember to check that your lawyer is on the UBS conveyancing panel.
I used Stirling Law a few years ago for my conveyancing in Llanon. I now require my papers however the law firm has closed. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Llanon of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I'm buying my first flat in Llanon with a mortgage from National Westminster Bank. The developers would not reduce the amount so I negotiated five thousand pounds worth of extras instead. The property agent advised me not disclose to my lawyer about the side-deal as it could impact my loan with the bank. 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.