Just contacted my conveyancing lawyer in Braunstone who conducted the legals two years ago and wanted a conveyancing costs illustration based on an identical type of home move (a leasehold property and a freehold premises) of almost identical values with a loan from The Royal Bank of Scotland. I am now being charged double. Am I right to be tempted to shop around for a cheaper internet firm of conveyancing solicitor?
The estimate fees seem a little high. Where you are happy to invest time scrutinising prices you might reduce the fees marginally by perhaps a hundred pounds. That being said, providing that you were content with the legal work the firm offered you couldcome to rue opting for an an untested conveyancer. Remember to ensure that the solicitor can also act for The Royal Bank of Scotland. You can use our search tool to locate a Braunstone conveyancing firm on the The Royal Bank of Scotland member panel, which can often include conveyancing solicitors in Braunstone.
The sellers of the house we are hoping to buy have appointed a conveyancing practitioner in Braunstone who has insisted on a exclusivity contract with a down payment 6,000. Is it wise to enter into such agreements?
There are a couple of primary downsides with executing a lock out contract (also known as a shut-out contract) is that it takes away the focus from moving forward with the conveyancing work, so in the absence of it needing limited or no negotiation then it could turn out to be a hindrance. It is not strongly advocated by Braunstone conveyancing solicitors as a result. The other main concern is the extent of the remedies available - a jilted buyer is very unlikely to obtain an injunctive ruling by a court to prevent the owner selling to another buyer, so the only remedy available under the agreement will be the reimbursement of wasted charges and, in restricted scenarios, the extra payment of damages.
My property lawyer in Braunstone is not listed on the Bank of Ireland Solicitor Panel. Can I still use my family solicitor notwithstanding that they are excluded from the Bank of Ireland panel of approved conveyancing solicitors?
Your options are as follows:
- Complete the purchase with your preferred Braunstone solicitors but Bank of Ireland will need to use a solicitor on their panel. This will inevitably rack up the overall conveyancing charges and cause delays.
- Find a new lawyer to act in the purchase, obviously checking they are Bank of Ireland approved.
- Persuade your Bank of Ireland solicitor to attempt to join the Bank of Ireland panel
five months have elapsed following my purchase conveyancing in Braunstone completed. I have checked the Land Registry website which shows that I paid £175,000 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 asset 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 Braunstone benefiting from help to buy. The developers refused to reduce the price so I negotiated 6k of additionals instead. The sale representative suggested that I not reveal to my solicitor about this side-deal as it could put at risk my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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 opted to have a survey carried out on a property in Braunstone prior to appointing lawyers. I have been informed that there is a flying freehold aspect to the house. The surveyor advised that some banks will refuse to give a mortgage on such a home.
It varies from the lender to lender. HSBC has different instructions for example to Nationwide. Should you wish to call us we can check via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Braunstone. Conveyancing may be slightly more expensive based on your lender's requirements.