I can't travel far from Bishops Waltham. Please explain the reason why all Bishops Waltham property lawyers are not on all bank panels?
A decade ago most lenders had an approach to risk which differs from the current day. The FSA in 2010 carried out a thematic review into mortgage fraud which concluded: know the property lawyers on your panel. As a result, mortgage companies have since soughtmore data from law firms about their processes and the staff employed by them and set certain criteria such as completing a minimum volume of transactions. Hundreds of law practices have been excluded from lender panels even though they had 100% healthy track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms were never going to satisfy the minimum volume of transactions the mortgage companies set.
I am acquiring a property without a mortgage in Bishops Waltham. I have been living for the last twelve years in Bishops Waltham. Conveyancing searches are exorbitant. As I have knowledge of the road and vicinity intimately must I have all the conveyancing searches?
In the absence of a mortgage, then almost all of the Bishops Waltham conveyancing searches are at your discretion. Your solicitor will 'advise', perhaps strongly, that you should have searches carried out, but he has a professional duty to do this. Do bear in mind; if you are intend to sell the house at a future date, it will be of relevance to your future purchaser what the searches contain. On occasion properties with apparent issues can still throw up unpredicted search results. A good conveyancing solicitor in Bishops Waltham should be able to give you some helpful advice in this regard.
We are selling our flat in Bishops Waltham. Does my lawyer need to be on the UBS conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the UBS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently at the moment.
The deeds to my house can not be found. The solicitors who conducted the conveyancing in Bishops Waltham 5 years ago have long since closed. What are my next steps?
As long as the title is registered the details of your ownership will be documented by HMLR under a Title Number. It is possible to carry out a search at the Land Registry, locate your house and order up to date copies of the property title for less than a fiver. If the title is Leasehold then the Land Registry will in most cases retain a certified duplicate of the Registered Lease and again, a copy can be ordered for £20 inclusive of VAT.
I am purchasing my first flat in Bishops Waltham with a loan from Norwich and Peterborough Building Society. The builders would not budge the price so I negotiated 6k of extras instead. The property agent told me not disclose to my solicitor about the side-deal as it will put at risk my mortgage with Norwich and Peterborough Building Society. Should I keep quiet?.
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.
My father-in-law has suggested that I use his lawyers for conveyancing in Bishops Waltham. Should I find my own conveyancer?
No doubt the ideal way to choose a conveyancing solicitor is to have referrals from friends or family who have actually used the firm that you are contemplating using.