I am progressing with the sale of my flat in Seaton and the EA has just text me to say that the purchasers are appointing a new conveyancer. The reason given is that the lender will only work with property lawyers on their conveyancing panel. Why would a major mortgage company only deal with specific law firms rather the firm that they want to choose to handle their conveyancing in Seaton ?
UK lenders have always had an approved set of law firms that can represent 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 decades.
Mortgage companies blame a rise in fraud by way of justification for the pruning – criteria have been tightened 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. Some 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. The purchasers are unlikely to have any sway in the decision.
I am in a contract race with another buyer for a property in Seaton. What can I do to accelerate the legal process?
Where you are under a tight deadline to sign contracts it is highly recommended that your solicitor is familiar with the location as they will have local connections and intelligence. It is even conceivable that they would have conducted previoushouses in the same street. Therefore consider using a Seaton conveyancing lawyer. Second, double check that the lawyer is on the member panel. It is believed that 18% of Seaton conveyancing deals are held up or jeopardised after discovering a buyer’s solicitor was not on their mortgage lender’s member panel. This can often result in the home move being frustrated by as much as 21 days. It is claimed that this issue impacts in the region of 100,000 home moves annually. Most Seaton conveyancing firms can not act for certain banks so do check at the outset.
This question may be naive but I am new to the home buying as FTB of a garden flat in Seaton. Do I receive the keys to the property on the completion date from my conveyancer? If so, I will use a local conveyancing solicitor in Seaton?
On the day of completion you do not need to attend the conveyancers office in Seaton. Your solicitors will transfer the completion advance to the owner’s solicitors, and once they have received this, you should be invited to collect the keys from the selling Agents and move into your new home. Usually this happens between 1 and 3pm.
We are buying a terrace house in Seaton. The intention is to carry out an extension to the side at the house.Will the conveyancing process include checks to see if these alterations are permitted?
Your property lawyer will review the deeds as conveyancing in Seaton will occasionally identify restrictions in the title deeds which restrict categories of alterations or need the consent of another owner. Certain works need local authority planning consent and approval in compliance with building regulations. Some locations are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. It would be prudent to check these issues with a surveyor prior to committing yourself to a purchase.
I am the sole beneficiary of my late father’s estate with all property in now in my sole name, including the my former home in Seaton. Conveyancing formalities meant that the Land Registry date was in June. I now wish to sell up. I do know about the CML 6 month 'rule', which means that my property ownership may be considered the same way as if I'd bought the house in June. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be affected by that. Most banks would take a pragmatic view as this clause is principally there to capture the purchase and immediately sell or the flipping of properties.
I'm purchasing my first flat in Seaton with the aid of help to buy. The sellers would not budge the amount so I negotiated 6k of additionals instead. The estate agent told me not disclose to my conveyancer about this extras as it may jeopardize my mortgage with Barnsley 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 am thinking of instructing an online conveyancing practitioner ahead of a Seaton conveyancing practice. Any advice?
Various benefits exist in being able to visit a local Seaton conveyancing solicitor for instance
- signing documents and and when necessary
- often being able to see someone face-to-face can make a huge difference, particularly for non-standard house moves
- the ability to complain if matters need to addressed
When comparing quotes, look out for hidden extras. The majority decent Seaton high street solicitors give an all-inclusive figure. Often online agents seem to offer discounted prices, yet have burried 'extras' in the small print.