I am nearing exchange of contracts for my flat in Hightown and the estate agent has just telephoned to advise that the buyers are switching solicitor. I am told that this is due to the fact that the lender will only work with solicitors on their approved list. Why would a major mortgage company only deal with certain solicitors rather the firm that they want to choose for their conveyancing in Hightown ?
UK lenders have always had panels of law firms they are willing to work with, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Banks point to the increase in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to reveal 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 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 not going to have any sway in the decision.
Me and my partner are purchasing a apartment in Hightown. It might be a silly question but how we can trust a lawyer? At some point we have to send money into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I have paid off my mortgage with Skipton. I assume I don't need a Hightown solicitor on the Skipton panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Skipton 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 Skipton mortgage from the register. Skipton, 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 Skipton has sent the Land Registry the discharge electronically, and
- Skipton has instructed the Land Registry to do so
I have a mortgage with HSBC for my property in Hightown. Conveyancing has been completed months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform HSBC?
HSBC must be informed of your intention in advance of letting out your property as this is likely to be a breach of HSBC’s mortgage conditions. It may be that HSBC will allow you to rent 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 HSBC directly. You need not do this via a HSBC conveyancing panel lawyer.
I'm purchasing my first flat in Hightown with a loan from Barnsley Building Society. The sellers refused to move on the price so I negotiated five thousand pounds worth of extras instead. The property agent advised me not reveal to my solicitor about this deal as it may 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.
We are 14 days into a residential purchase having been recommend to solicitors by the selling agent to carry out the conveyancing in Hightown. I am not happy. Can you you assist me in finding new solicitors?
A lawyer would need to be very poor to suggest changing them. Has the loan offer been generated? In the event that it has you will need to inform them of the new conveyancer and get the offer are issued to the new lawyers. The conveyancer needs to be on the banks panel to avoid added expenses and delays. So that should be your first question of the new lawyers. The search tool will help you find a bank approved solicitor for your conveyancing in Hightown
How do I find the right lawyer for my conveyancing in Hightown ?
Option 1 is to ask the people you trust who they used in the past and if they were happy with the service. Second, look on the web for conveyancing in Hightown. Telephone two or three from the list and request that they email you their conveyancing estimate and speak to the lawyer who will handle your conveyancing before you make your choice. Option 3 is to make use of our search tool to help you find the right lawyers taking into account your unique requirements including location,speed, complexity and who the proposed mortgage company is.Resist the temptation to appoint lowest cost conveyancing solicitors in Hightown