I am progressing with the sale of my maisonette in Newport and the estate agent has just telephoned to warn that the buyers are swapping conveyancer. The reason given is that the lender will only engage with solicitors on their approved list. Why would a leading mortgage company only engage with certain lawyers rather the firm that they want to choose for their conveyancing in Newport ?
UK lenders have always had an approved set of law firms they are content to work with, but in the last few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lenders justify this action to a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to disclose 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 not going to have any impact on this.
My husband and I are buying a newly built apartment in Newport and my solicitor is informing me that she is duty bound to the bank to disclose incentives from the builder. I am nearing the developer’s deadline to sign contracts and I don't want to prolong the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I need some fast conveyancing in Newport as I am faced with a deadline to complete within one month. Thankfully I do not need a mortgage. Is it possible to decline from having conveyancing searches to save fees and time?
If.Given you are not obtaining a mortgage you are at free not to do searches although no lawyer would advise that you don't. With lots of history conveyancing in Newport the following are examples of what can be revealed and adversely affect market value: Refused Planning Applications, Overdue Fees, Overdue Grants, Railway Schemes,...
I am purchasing a new build house in Newport benefiting from help to buy. The builders would not reduce the amount so I negotiated 6k of fixtures and fittings instead. The house builders rep advised me not inform my solicitor about this deal as it may jeopardize my mortgage with Skipton Building Society. Do I keep my lawyer in the dark?.
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.
Do I need to be concerned about brokers that I am dealing with are recommending an internet conveyancing firm rather than a local Newport conveyancing practice?
As with lots of professional services, often suggestions from family and friends can be extremely useful or valuable. Nevertheless there are numerous parties with a vested interest in a conveyancing matter; estate agents, mortgage brokers and banks might all recommend solicitors to select. On occasion the lawyers might be known to one of the organisations as one of the best in their field, but sometimes there behind the scenes commercial relationship behind the endorsement. You are free to choose your own conveyancer. Don't forget that many lenders operate an approved list of conveyancers you must use for the mortgage related work in your house move.