I am progressing with the sale of my home in North Walsham and the estate agent has just called to advise that the purchasers are changing their property lawyer. The reason given is that the bank will only deal with property lawyers on their approved list. On what basis would a big named lender only engage with specific law firms rather the firm that they want to select to handle their conveyancing in North Walsham ?
Banks 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 Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Mortgage companies blame a rise in fraud as the reason for the cull – criteria have been narrowed 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 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 nephew is buying a house that has just been built in North Walsham with a mortgage from Co-operative. His solicitor has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Co-operative 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 Co-operative conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Finally the sale completed on my house in North Walsham last November but my buyer keeps whats apping me to say their solicitor is waiting to hear from myconveyancer. What should have happened following completion?
Following your sale your solicitor is committed to forward the transfer deeds and all of the paperwork to the buyer’s lawyers. Where appropriate, your lawyer must also confirm that the legal charge in favour of the lender has been discharged to the purchasers lawyers. There is unlikely to be post completion requirements peculiar conveyancing in North Walsham.
In reading consumer advice sites for an affordable solicitor in North Walsham, most advise that I should instruct a CQS accredited solicitor. What is CQS?
The Law Society's Conveyancing Quality Scheme is the recognised quality mark for legal experts in the legal transfer of properties, trusted by some of the UK's leading mortgage companies. Four years ago the Conveyancing Quality Scheme was officially recognised by the Association of British Insurers (ABI). CQS is not a scheme offered by the Council of Licensed Conveyancing. North Walsham is one of the numerous areas of the UK where there are Accredited solicitors.
I'm purchasing a new build house in North Walsham benefiting from help to buy. The builders refused to move on the amount so I negotiated £7000 of fixtures and fittings instead. The house builders rep advised me not to tell my lawyer about the extras as it will impact my mortgage with the bank. 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.