I am in the process of selling my apartment in Wadebridge and the EA has just called to warn that the purchasers are switching law firm. The excuse is that the lender will only engage with solicitors on their conveyancing panel. On what basis would a major mortgage company only deal with specific lawyers rather the firm that they want to choose to handle their conveyancing in Wadebridge ?
Banks have always had panels of law firms that can act for them, but in the last few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lending institutions point to the increase in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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. Your buyers are not going to have any sway in the decision.
My god-son is in the process of securing a newly built flat in Wadebridge with a mortgage from Virgin Money. His lawyer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The form is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Virgin Money conveyancing panel as a standard part of the process, and to the surveyor when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Virgin Money conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Do I find a Licenced Conveyancer or Solicitor for conveyancing in Wadebridge?
There are two types of lawyers who can carry out conveyancing in Wadebridge namely CLC regulated conveyancers or solicitors. The two can administer the legal services that you need to complete the sale or acquisition of property. Both are obliged to execute Wadebridge conveyancing to the same quality and guidelines so you can be sure that your conveyancing will be professionally conducted and that the necessary procedures will be suitably attended to.
Are all Wadebridge Conveyancing Quality Solicitors on the Virgin Money conveyancing list of approved solicitors?
It is true that some banks and building societies now make use of the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of conveyancing solicitors.
I can not work out if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Wadebridge bank branch on a couple of occasions and was told it does not affect the mortgage offer and they would lend. My Wadebridge conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they would not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
The solicitor must comply with the Council of Mortgage Lenders’ Handbook Part 2 requirements for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
Due to the encouragement of my in-laws I had a survey completed on a property in Wadebridge in advance of appointing conveyancers. I have been informed that there is a flying freehold element to the house. The surveyor advised that some mortgage companies may not issue a mortgage on such a house.
It varies from the lender to lender. Lloyds has different requirements from Birmingham Midshires. Should you wish to call us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Wadebridge. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Wadebridge to see if the conveyancing will be more expensive.
I have been advised by a few property agents in Wadebridge to get a quote from a property lawyer using your seach tool. What’s the financial incentive for Estate Agents to offer your site over a competitor’s?
We refuse to offer any commission for directing people to this site. We thought it would be too underhand a fee as members of the public would think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.