I am in the process of selling my home in Seascale and the estate agent has just text me to say that the purchasers are appointing a new law firm. The excuse is that the lender will only deal with solicitors on their approved list. On what basis would a leading lender only deal with specific law firms rather the firm that they want to select for their conveyancing in Seascale ?
Banks have always had panels of law firms they are content to work with, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lenders point to the increase in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms 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. Your buyers are not going to have any impact on this.
Do conveyancers request an advanced payment for conveyancing in Seascale?
Where you are retaining lawyers for conveyancing in Seascale your solicitor will request that you to provide them with funds to cover the search fees. This will be the total of the cost of the conveyancing searches. If any deposit is as part of the sale price then this will be needed shortly in advance of exchange of contracts. The final balance that is due should be transferred a few days ahead of the completion date.
I understand that there are debates on Chancel Insurance on online forums. Do I require this when buying a house in Seascale? or I am told that there is an ancient law that could mean that owners of property living in a parish church boundary may be liable to pay for repairs towards the chancel within the church. Is this appropriate for conveyancing in Seascale?
Unless a previous acquisition of the premises took place post 12 October 2013 you may take it that solicitors conducting conveyancing in Seascale to continue to suggest a chancel search and or insurance against a claim.
I am purchasing my first flat in Seascale with a loan from Yorkshire Building Society. The developers would not move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative told me not inform my lawyer about the side-deal as it would affect my mortgage with Yorkshire Building Society. Do I keep my lawyer in the dark?.
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.
I have been sourcing a conveyancing solicitor in Seascale for my remortgage. Can I review a firm’s record with the profession’s regulator?
You can read documented Solicitor Regulator Association (SRA) decisions stemming from investigations from 2008 onwards. Go to Check a solicitor's record. To find information about the period before 1 January 2008, or to check a solicitors record, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, dial +44 (0)121 329 6800. The regulator may monitor call for training purposes.