I am selling my house in Trearddur Bay and the EA has just called to advise that the buyers are changing their law firm. The reason given is that the lender will only work with solicitors on their conveyancing panel. On what basis would a major lender only work with certain solicitors rather the firm that they want to choose to handle their conveyancing in Trearddur Bay ?
UK lenders have always had panels of law firms that can act for them, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lenders point to the increase in fraud as the reason for the cull – 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 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. The buyers are unlikely to have any sway in the decision.
My husband and I intend to remortgage our apartment in Trearddur Bay with UBS. We have a son 19 who lives with us. Our solicitor requested us to identify any adults other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the flat is forfeited by the lender. I have two questions (1) Is this form unique to the UBS conveyancing panel as he did not need to sign this form when we purchased 5 years ago (2) Does our son by signing this extinguish his rights to inherit the property?
First, rest assured that your UBS conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to UBS. This is solely used to protect UBS if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of UBS had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Having sold my house in Trearddur Bay last November yet the purchaser is telephoning me complaining that her lawyer needs to hear from myconveyancer. What are the post completion sale legalities now that I have sold?
Post completion of your sale your solicitor should deliver the transfer documentation and all additional paperwork to the buyer’s conveyancer. Where relevant, your solicitor must also confirm that the home loan has been redeemed to the purchasers lawyers. There is unlikely to be post completion tasks just for conveyancing in Trearddur Bay.
I have paid off my mortgage with TSB. I assume I don't need a Trearddur Bay property lawyer on the TSB panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your TSB mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the TSB mortgage from the register. TSB, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where TSB has sent the Land Registry the discharge electronically, and
- TSB has instructed the Land Registry to do so
I am currently in the process of buying my council flat in Trearddur Bay. I have a mortgage offer with RBS. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with RBS, you will need to appoint a solicitor on the RBS conveyancing panel.
I recently had an offer accepted on an apartment in Trearddur Bay. My financial adviser pressured me to appoint their property lawyer. I paid an advanced payment of £175. A few days later, the lawyer contacted me embarrassingly acknowledging that they were not on the Barclays conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Barclays panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I'm purchasing a new build house in Trearddur Bay with the aid of help to buy. The builders refused to reduce the price so I negotiated £7000 of extras instead. The property agent told me not to tell my conveyancer about the extras as it would put at risk my mortgage with the lender. Is this normal?.
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.