My wife and I are acquiring residence in Axbridge. My Solicitor has never been on on the lender conveyancing panel. Can I still use my Axbridge conveyancing solicitor even though they are not on the lender approved list?
You must have a solicitor to complete the formalities when you require a loan to purchase your property. The property lawyer will carry out all the appropriate investigations on the property, ensuring that you will be properly registered as the owner and ensure that all the necessary mortgage paperwork is dealt with. You can appoint a Axbridge solicitor of your choice. However, if the lawyer appointed is not on the bank approved list supplemental fees will be incurred as separate legal representation will be need by the mortgage company. Conveyancing panel applications may be submitted, so provided your solicitor has not previously applied for membership they should take the chance to apply.
My partner and I are getting closer to an exchange on a property in Axbridge and my parents have transferred the ten percent deposit to my conveyancer. I am now told that as the deposit has not arrived from me my property lawyer needs to make a notification to my bank. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the bank concerning 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 mortgage company to make sure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only disclose this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
We are buying a property in Axbridge. I might seem paranoid but how we can trust a solicitor? On the day of competition we have to put money into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
When it comes to lenders such as Kent Reliance, do Axbridge property lawyers incur a yearly amount to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
I have paid off my mortgage with Coventry BS. I assume I don't need a Axbridge lawyer on the Coventry BS panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Coventry BS 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 Coventry BS mortgage from the register. Coventry BS, 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 Coventry BS has sent the Land Registry the discharge electronically, and
- Coventry BS has instructed the Land Registry to do so
It has been five months following my purchase conveyancing in Axbridge took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I was pointed in your direction by numerous selling agents in Axbridge to locate a conveyancer on your site. What’s the financial inducement for Estate Agents to offer your site over and above another?
We don’t make any financial incentive for sending work to this site. We found it would be just too difficult to pay a commission because members of the public would think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
My husband and I are new to the buying process - had an offer accepted, yet the estate agent has warned us that the owners will only move forward if we appoint their preferred lawyers as they want an ‘expedited deal’. My instinct tells me that we should use a high street solicitor with experience of conveyancing in Axbridge
We suspect that the owner is unaware of this ultimatum. Should the owner desire ‘a quick sale', alienating a motivated buyer is counter productive. Contact the vendors directly and make the point that (a)you are serious buyers (b)you are ready to go, with mortgage lined up © you are chain free (d) you wish to move quickly (e)however you intend to instruct your preferred Axbridge conveyancing lawyers - not the ones that will provide their estate agent a introducer fee or hit his conveyancing thresholds set by head office.