I am 3 weeks into the sale of my home in Forty Hill and the estate agent has just telephoned to advise that the purchasers are swapping law firm. I am told that this is due to the fact that the bank 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 appoint for their conveyancing in Forty Hill ?
Lenders have always had panels of law firms they are content to work with, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Mortgage companies point to the increase in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to maintain. 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. Plenty of firms 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 purchasers are unlikely to have any impact on this.
The Forty Hill conveyancing firm handling our Forty Hill conveyancing has identified a difference when comparing the information in the valuation report and what is in the conveyancing documents. My lawyer has advised that he is duty bound to check that the bank is OK with this discrepancy and is still content to lend. Is my conveyancer’s stance correct?
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.
Is there a list of Nottingham panel solicitors in Forty Hill on the Council of Mortgage Lender’s Website?
No. There is no such facility on the CML or Building Society Association sites. Very few lenders make their panel listings open the public on the web. If you are looking for a Forty Hill conveyancing practitioner on the Nottingham please use our tool.
How can we know in advance if a Forty Hill conveyancing solicitor on the Barclays panel is any good?
When it comes to conveyancing in Forty Hill getting recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always recommend that you speak with the lawyer carrying out your transaction.
I have paid off my mortgage with RBS. I assume I don't need a Forty Hill solicitor on the RBS panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your RBS 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 RBS mortgage from the register. RBS, 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 RBS has sent the Land Registry the discharge electronically, and
- RBS has instructed the Land Registry to do so
I've recently found out that there is a flying freehold element on a house I have offered on two weeks back in what should have been a straight forward, no chain conveyancing. Forty Hill is the location of the property. Can you offer any advice?
Flying freeholds in Forty Hill are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Forty Hill you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Forty Hill 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.
My husband and I are novice buyers - had an offer accepted, but the agent advised that the vendor will only go ahead if we appoint their preferred lawyers as they want an ‘expedited deal’. Our preferred option is to instruct a high street conveyancer who is accustomed to conveyancing in Forty Hill
It is improbable the vendors are behind this. If they desire ‘a quick sale', alienating a motivated purchaser is counter productive. Contact the sellers directly and make sure they understand (a)you are keen to buy (b)you are excited to move forward, with finances in place © you have nothing to sell (d) you intend to proceed fast (e)however you intend to use your own,trusted Forty Hill conveyancing solicitors - as opposed tothe ones that will provide their estate agent a commission or meet his conveyancing thresholds set by HQ.