I am in the process of selling my flat in Maidstone and the EA has just telephoned to advise that the buyers are swapping law firm. I am told that this is due to the fact that the lender will only work with property lawyers on their conveyancing panel. On what basis would a major lender only engage with certain law firms rather the firm that they want to appoint for their conveyancing in Maidstone ?
Banks have always had panels of law firms that can act for them, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Mortgage companies point to the increase in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to reveal 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 are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any sway in the decision.
Why do I have to pay up front when it comes to conveyancing in Maidstone?
If you are buying a property in Maidstone your lawyer will request that you put them with monies to cover the the cost of the conveyancing searches. Ordinarily this is asked for to cover the fees of the Local Authority Search. If any down payment is payable against the total price then this should be asked for shortly ahead of contracts are exchanged. The closing balance that is needed should be transferred shortly before completion.
When it comes to lenders such as Co-operative, do Maidstone lawyers face a yearly amount to be on the conveyancing panel?
We are not aware of any lender fees to register on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
Can you point me to a directory of RBS panel conveyancers in Maidstone on the Building Society Association’s Website?
No. There is no such directory service on the CML or Building Society Association sites. Very few lenders make their panel listings open the public online. If you are in need of a Maidstone property lawyer on the RBS please use our tool.
I can not fathom if my mortgage offer requires a lease extension. I have called into my local Maidstone bank branch on various occasions and was told they are content with the situation and they will lend. My Maidstone conveyancing solicitor - who is on the lender conveyancing panel- called and was told they would not lend based on their specific requirements. Who do I believe?
Provided that the lawyer is on the mortgage company approved list, she or he must comply with the Council of Mortgage Lenders’ Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I am buying a new build house in Maidstone benefiting from help to buy. The developers would not reduce the price so I negotiated five thousand pounds worth of additionals instead. The house builders rep suggested that I not disclose to my lawyer about the extras as it will impact my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
As co-executor for the will of my grandfather I am disposing of a residence in Neath but I am based in Maidstone. My solicitor (who is 200 kilometers awayhas requested that I sign a statutory declaration ahead of completion. Could you suggest a conveyancing practitioner in Maidstone to witness this legal document for me?
strictly speaking you are not likely to need to have the documents attested by a conveyancing solicitor. Ordinarily or notary public or qualified solicitor will do regardless of whether they are Maidstone based