I am progressing with the sale of my house in Rochdale and the estate agent has just telephoned to warn that the purchasers are switching conveyancer. The excuse is that the mortgage company will only engage with property lawyers on their conveyancing panel. On what basis would a leading mortgage company only work with specific lawyers rather the firm that they want to appoint for their conveyancing in Rochdale ?
Banks have always had panels of law firms they are willing 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 over 25 years.
Mortgage companies justify this action to a rise in fraud as the reason for the reduction – criteria have been narrowed 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 claims that it is being contacted daily by practices that have been removed from panels. Some 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. Your purchasers are not going to have any sway in the decision.
How up to date is your database of Rochdale solicitors on the UBS conveyancing panel? Do UBS send you an updated list?
Rochdale conveyancing firms themselves provide us confirmation that they are on the UBS conveyancing panel as opposed to being supplied with a list from UBS directly.
My brother-in-law has suggested I instruct a conveyancing solicitor in Rochdale. I need to find out whether they are on the The Mortgage Works approved list of lawyers. Can you help?
The first thing you should do is contact your lawyer and ask them whether they are on the lender panel. Otherwise you should get in touch with The Mortgage Works who may be able to help.
I am purchasing my first flat in Rochdale with the aid of help to buy. The builders refused to reduce the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative told me not inform my lawyer about this extras as it may affect my loan with HSBC Bank. Should I keep quiet?.
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.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Rochdale is the location of the property. What do you suggest?
Flying freeholds in Rochdale are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Rochdale you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Rochdale may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.