I can't travel far from Bakewell. I would like to know the reason why all Bakewell lawyers are not on all lender panels?
Before the recession most lenders exhibited an approach to risk which differs from the current day. The financial regulator in 2010 carried out a thematic review into property fraud which concluded: know the solicitors on your panel. As a result, mortgage companies have subsequently requiredmore information from law firms about their operations and the individuals who work for them and set certain criteria such as completing a minimum volume of transactions. Hundreds of firms have been removed from lender panels even though they had an exemplary track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms found it impossible meet the criteria of volume of transactions the mortgage companies required.
My uncle passed away six months ago and as sole heir and executor I was left the property in Bakewell. The house had a relatively small loan left on it of around £5k. I want to have the title changed into my name whilst I re-mortgage to Co-operative, pay off the mortgage. Is this allowed?
Where you plan to re-mortgage then Co-operative will insist on your using a conveyancer on the Co-operative conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Co-operative conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Co-operative mortgage is registered as a charge at the Land Registry.
four months have gone by since my purchase conveyancing in Bakewell completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £180,000. 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 property 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 am purchasing a new build house in Bakewell with a loan from Coventry Building Society. The sellers refused to budge the price so I negotiated 6k of fixtures and fittings instead. The house builders rep told me not inform my solicitor about this side-deal as it may jeopardize my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
I decided to have a survey done on a property in Bakewell in advance of retaining solicitors. I have been told that there is a flying freehold aspect to the house. Our surveyor advised that some lenders tend refuse to grant a loan on a flying freehold premises.
It depends who your proposed lender is. Bank of Scotland has different instructions from Halifax. Should you wish to call us we can look into this further via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Bakewell. Conveyancing may be slightly more expensive based on your lender's requirements.
Is it best to use a Bakewell conveyancing practitioner based in the vicinity that I am buying? We have a good friend who can carry out the conveyancing however her office is 300kilometers drive away.
The primary upside of using a local Bakewell conveyancing firm is that you can attend the office to sign paperwork, deliver your ID and pester them if necessary. Having local Bakewell know how is a bonus. That being said nothing is more important than finding someone that will pull out all the stops for you. If you know people who instructed your friend and on the whole were happy that should surpass using an unknown Bakewell conveyancing solicitor solely due to them being round the corner.