I am selling my house in Windlesham and the estate agent has just text me to say that the purchasers are appointing a new law firm. I am told that this is due to the fact that the lender will only work with property lawyers on their conveyancing panel. Why would a big named mortgage company only deal with certain law firms rather the firm that they want to choose for their conveyancing in Windlesham ?
UK lenders have always had an approved set of law firms they are content to work with, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lending institutions point to the increase in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to oversee. 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 buyers are unlikely to have any sway in the decision.
My conveyancer has informed me that lack of right of way insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Windlesham?
The right level of lack of right of way indemnity insurance depends on who your lender is. It would differ for example between National Westminster Bank and Coventry Building Society. Conveyancing practitioners as opposed to members of the public take out such insurances.
Can you point me to a directory of Skipton panel solicitors in Windlesham on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such facility on the CML or Building Society Association websites. A small selection of lending institutions make their panel listings open the public on the web. If you are looking for a Windlesham conveyancing practitioner on the Skipton please use our facility.
I currently have a mortgage with Bank of Ireland for my property in Windlesham. Conveyancing has been completed some time ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Bank of Ireland?
You must advise Bank of Ireland before renting your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Bank of Ireland directly. You need not do this via a Bank of Ireland conveyancing panel lawyer.
I'm buying a new build house in Windlesham with a mortgage from Barclays Direct. The builders would not move on the price so I negotiated £7000 of additionals instead. The property agent advised me not reveal to my lawyer about the extras as it could jeopardize my loan with Barclays Direct. Should I keep quiet?.
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've recently found out that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a straight forward, no chain conveyancing. Windlesham is the location of the property. Is there any guidance you can impart?
Flying freeholds in Windlesham are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Windlesham you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Windlesham may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Given that I am about to spend hundreds of thousands of pounds on a property in Windlesham I would like to have a conversation with the lawyer regarding theconveyancing in advance of appointing the firm. Is this something that you can arrange?
We could not agree more - we would be happy to talk to you we do not take any clients on without you first talking to the lawyer due to be carrying out your conveyancing in Windlesham.There is no ‘factory style conveyancing’ - every client is unique individual, not a matter number. The solicitors that we put you in touch with believe that the figure you are quoted for your conveyancing in Windlesham should be the figure that you end up paying.