My fiance and I are hoping to acquire a flat in Bradley Stoke and have instructed a Bradley Stoke conveyancing firm. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Leeds Building Society have this afternoon contacted us to inform me that they have now hit a problem as our Bradley Stoke lawyer is not on their conveyancing panel. Is this a problem?
If you are buying a property needing a mortgage it is normal for the purchasers' lawyers to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Bradley Stoke lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
I happen to be the sole beneficiary of my late mum's estate with all property in now in my sole name, including the house in Bradley Stoke. Conveyancing formalities meant that the Land Registry date was in January. I now wish to sell up. I do know about the Mortgage Lenders six month 'rule', which means that my proprietorship will be treated the same way as though I had purchased the house in January. Is the property unsalable for six months?
The CML handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be affected by that. How sensible a view banks take of it, depend on the lender as this provision is principally there to pick up on the purchase and immediately sell or the wholesaling and assigning of property.
We were going to get a OIP from Principality this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Principality recommend any Bradley Stoke solicitors on the Principality conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Bradley Stoke solicitors independently although you'll need to choose one on the Principality conveyancing panel. The solicitor represents both you and Principality through the process.
I've digested plenty of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Bradley Stoke solicitor - who is on the RBS conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
RBS will need an independent valuation of the property. Your lawyer will not arrange this. Usually RBS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your solicitor will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Bradley Stoke postcode. As you are getting a mortgage with RBS, you could contact them to see if they have a list of approved surveyors in Bradley Stoke.
I am buying my first flat in Bradley Stoke with the aid of help to buy. The developers would not reduce the amount so I negotiated 6k of additionals instead. The estate agent suggested that I not inform my solicitor about the extras as it will impact my loan with the bank. 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.
Yesterday I discovered that there is a flying freehold element on a house I have offered on last month in what was supposed to be a quick, chain free conveyancing. Bradley Stoke is the location of the property. What do you suggest?
Flying freeholds in Bradley Stoke are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Bradley Stoke you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bradley Stoke may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
How simple is it to use the search facility to find a conveyancing practitioner in Bradley Stoke on the approved list for my bank?
First choose a lender such as Accord Mortgages Ltd, Chelsea Building Society or Aldermore then type in your preferred area for instance Bradley Stoke. Conveyancing firms in Bradley Stoke and nationally will then be listed.
I am looking for a conveyancing practitioner in Bradley Stoke for my house move. Is there any facility to check a solicitor's complaints history with the profession’s regulator?
You can search for published Solicitor Regulator Association (SRA) decisions stemming from inquisitions started on or after Jan 2008. Go to Check a solicitor's record. To find details about the period before 1 January 2008, or to check a solicitors history, phone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, dial +44 (0)121 329 6800. The SRA may monitor call for training purposes.