Unfortunately I am unable to travel far from Tenby. I would like to know the understand why all Tenby conveyancers are not on all mortgage company panels?
Pre- 2008 most lenders demonstrated an attitude to risk which is different from today. The financial regulator in 2010 instigated a thematic review into property fraud which in summary warned lenders: know the lawyers on your panel. As a result, lenders have since looked to extract more information from law firms about their processes and the staff employed by them and set certain criteria such as completing a minimum number of transactions. Hundreds of firms have been excluded from lender panels even though they had an exemplary disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms found it impossible satisfy the criteria of amount of transactions the mortgage companies required.
Can you suggest a The Royal Bank of Scotland approved Tenby conveyancing lawyer that can complete within a very limited time frame? Am I best advised to go for a local Tenby solicitor or an internet comparison site?
We can recommend some very good Tenby conveyancing firms. You can also walk up the high street in Tenby. Visit some well established law practices and request to speak with a conveyancing solicitor for a fee estimate. Discuss your expectations together with the reasons and get an assurance on your deadline. Choose the lawyer that appears most efficient.
What happens if my solicitor is suspended from the TSB Solicitor panel ahead of completing my conveyancing in Tenby?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I'm buying my first flat in Tenby with a mortgage from National Westminster Bank. The builders refused to move on the price so I negotiated 6k of fixtures and fittings instead. The house builders rep suggested that I not to tell my solicitor about the side-deal as it could impact my loan with the bank. Do I keep my lawyer in the dark?.
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.
Is it best to instruct a Tenby conveyancing practitioner based in the vicinity that I am hoping to buy? I have an old university friend who can carry out the legal formalities however her office is 300miles away.
The primary upside of using a high street Tenby conveyancing practice is that you can visit the firm to execute documents, hand in your ID and apply pressure on them where appropriate. They will also have local insight which is a plus. However nothing is more important than finding someone that will do a good and efficient job. If if people you trust instructed your friend and on the whole were happy that must outweigh using an unknown Tenby conveyancing solicitor just because they are Tenby based.