I have just been advised by my broker that my Swansea property lawyer is not on the lender Conveyancing panel. How can I be certain that this is indeed the case?
You need to contact your Swansea conveyancer. It is reasonable to expect your lawyer to notify you of the situation. Where they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your mortgage company.
Can you help - my lawyer advises that restrictive coveneant insurance is necessary on my purchase. What is the level of cover for Swansea conveyancing?
The appropriate level of restrictive coveneant indemnity insurance should be dictated by who who your lender is. It would differ for example between Santander and The Mortgage Works. Conveyancing lawyers as opposed to borrowers take out such policies.
Does a directory service exist listing UBS panel conveyancers in Swansea on the UK Finance Lenders’ Handbook Website?
No. There is no such facility on the Council of Mortgage Lenders or Building Society Association websites. A small selection of banks make their panel listings available on the web. Where you are looking for a Swansea property lawyer on the UBS please use our facility.
I am expecting a OIP from RBS this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do RBS recommend any Swansea solicitors on the RBS conveyancing panel, or is it better to go independently?
You will need to appoint Swansea solicitors independently although you'll need to choose one on the RBS conveyancing panel. The solicitor represents both you and RBS through the process.
I'm purchasing a new build house in Swansea with the aid of help to buy. The builders would not budge the price so I negotiated 6k of additionals instead. The house builders rep suggested that I not reveal to my solicitor about the extras as it could adversely affect my mortgage with the lender. 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 using a search engine for the words on line conveyancing in Swansea it brings up numerous conveyancersin the vicinity. How do I determine which is the suitable conveyancing solicitor for the sale of my house?
The ideal method of finding a suitable conveyancer is via personal testimonial, so enquire of friends and relatives who have acquired a property in Swansea or the respected estate agent or mortgage broker. Fees for conveyancing in Swansea differ, so it's a good idea to secure a minimum of three quotes from different solicitors. Be sure to obtain confirmation that the fees are fixed.
My step-son is embarking on her first house purchase, he had his mortgage in principle. One the seller agreed the offer on the house we telephoned the mortgage institution to issue the formal offer. We were shocked to learn that banks do not accept all property lawyer, they must be on their panel, is this correct?
Lenders ordinarily imposes restrictions either the type or the number of conveyancing firms on their panel. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Swansea conveyancer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.