I am selling my flat in White City and the estate agent has just called to warn that the purchasers are switching property lawyer. The excuse is that the bank will only engage with property lawyers on their approved list. On what basis would a big named mortgage company only work with certain law firms rather the firm that they want to choose for their conveyancing in White City ?
UK lenders have always had panels of law firms that can represent them, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Mortgage companies point to the increase in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. 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 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 not going to have any sway in the decision.
The White City conveyancing firm handling our White City conveyancing has uncovered a discrepancy between the information in the home valuation report and what is revealed within the conveyancing documents. My solicitor says that he is obliged to check that the lender is happy with this discrepancy and is still content to lend. Is my solicitor’s approach appropriate?
Your solicitor must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
I am assisting my step-mother sell her flat in White City. Will the conveyancing solicitor order the EPC or it is for the seller to see to?
Following the abolition of Home Information Packs, energy performance certificates was left as a required element of moving property. An energy performance certificate should be to hand prior to the property being put on the market. This is not something that conveyancers ordinarily organise. If you are using a White City conveyancing solicitor they may help arrange energy performance certificates given their relationships with long established local energy assessors
This question may be naive but I am unseasoned as FTB of a two bedroom flat in White City. Do I pick up the keys to the property on the completion date from my lawyer? If so, I will find a High Street conveyancing solicitor in White City?
On the day of completion you do not need to attend the conveyancers office in White City. Your solicitors will electronically transfer the purchase money to the owner’s solicitors, and once they have received this, you will be called to pick up the keys from the Estate Agents and start moving into the property. This tends to happen between 1 and 3pm.
About to purchase flat in White City. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Yorkshire BS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the White City conveyancer is on the Yorkshire BS conveyancing panel.
We are downsizing from our property in White City and according to the buyers it appears that there is a risk of it being constructed land that was not decontaminated. A high street White City lawyer would know this is not the case. It does beg the question why the purchasers instructed a factory type conveyancing outfit rather than a conveyancing solicitor in White City. Having lived in White City for three years we know that this is a non issue. Is it a good idea to get in touch with our local Authority to seek confirmation that the buyers are looking for.
It would appear that you have a conveyancing firm currently acting for you. What do they say? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
I'm purchasing a new build house in White City with a mortgage from National Westminster Bank. The developers refused to move on the amount so I negotiated £7000 of fixtures and fittings instead. The estate agent suggested that I not inform my conveyancer about this side-deal as it would impact my loan with National Westminster 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.