Unfortunately I am unable to travel far from Yaxley. Can you please explain the reason why all Yaxley conveyancers are not on all lender panels?
Lenders highlight the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year.The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. It resulted in lenders culling a number of firms from their official list of approved lawyers .
I'm purchasing my first flat in Yaxley with a loan from Nationwide Building Society. The sellers refused to reduce the amount so I negotiated £7000 of extras instead. The house builders rep suggested that I not disclose to my conveyancer about the side-deal as it would adversely affect my mortgage with the bank. Is this normal?.
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 opted to have a survey done on a house in Yaxley in advance of retaining lawyers. I have been informed that there is a flying freehold overhang to the property. Our surveyor advised that some mortgage companies will not grant a mortgage on such a house.
It varies from the lender to lender. HSBC has different instructions for example to Halifax. Should you wish to telephone us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Yaxley. Conveyancing will be smoother if you use a solicitor in Yaxley especially if they are familiar with such properties in Yaxley.
I was pointed in your direction by a few estate agents in Yaxley to choose a property lawyer on your site. Is there a financial advantage for Estate Agents to market your lawyers rather than alternative conveyancing organisations?
We don’t make any financial incentive for directing people our way. We found it would be just too difficult to pay a commission as members of the public would think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
Should I instruct a Yaxley conveyancing lawyer based in the area that I am purchasing? An old friend can carry out the legal work however they are based a couple of hundredkilometers drive away.
The benefit of a local Yaxley conveyancing practice is that you can attend the office to execute paperwork, present your ID and pester them where appropriate. They will also have local knowledge which is a bonus. That being said nothing is more important than finding someone that will pull out all the stops for you. If other friends have used your friend and in the main were content that should trump using an unknown Yaxley conveyancing lawyer just because they are round the corner.