I am not in a position to travel far from Boscombe. I would like to know the reason why all Boscombe property lawyers aren't automatically on all bank panels?
Mortgage companies point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud annually.The elimination of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its conclusions included recommendations for lending institutions to review their conveyancing panels, which kicked off a major policy change in the sector. This resulted in lenders culling a number of firms from their official list of approved conveyancing practitioners .
My partner and I are getting closer to an exchange on a house in Boscombe and my parents have transferred the ten percent deposit to my conveyancer. I am now informed that as the deposit has been sent from someone other than me my property lawyer needs to make a notification to my bank. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is coming from anyone other than me. I disclosed to the bank about my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your conveyancing practitioner is duty bound to clarify with the bank to make sure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
Can your site be used to find a Conveyancing solicitor in Boscombe even if I’m not buying or disposing of a house, for instance where I want to buy an office in Boscombe with a mortgage from TSB?
Our search tool is primarily there to help choose domestic conveyancing solicitors in Boscombe but we have set out towards the end of this page a selection of Boscombe commercial conveyancing firms. You should speak with the solicitors directly to establish if they are also authorised to represent TSB
How does conveyancing in Boscombe differ for newly converted properties?
Most buyers of new build property in Boscombe approach us having been asked by the builder to sign contracts and commit to the purchase even before the property is built. This is because builders in Boscombe tend to acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Boscombe or who has acted in the same development.
I was pointed in your direction by a number of estate agents in Boscombe to find a conveyancer on your site. What’s the financial incentive for Estate Agents to recommend your lawyers rather than a competitor’s?
We refuse to give any commission for pointing buyers and sellers to this site. We found it would be just too difficult a fee as members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.