We are hoping to purchase a 1 bedroom apartment in Cambridge with a mortgage. We like our Cambridge lawyer, but the lender says he's not on their "panel". It seems we have little choice but to appoint one of the mortgage company panel firms or retain our Cambridge conveyancing practitioner as well as pay for one of their panel firms to act for them. We regard this is unjust; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Cambridge conveyancing solicitor to apply to be on the conveyancing panel.
IfI was to acquire a simple residential propertyin Cambridge mortgage fee and have no survey and no local authority searches how much should I expect to have to pay for conveyancing in Cambridge?
The only reduction in fees you would achieve is the Cambridge conveyancing searches. A property lawyer is required to do the vast majority of work - money laundering, liaising with your vendors conveyancing practitioner, stamp duty submission, register the property etc. A slight saving might be made by not needing to register a mortgage however it will not be a lot.
I have been told that property searches are the primary reason for delay in Cambridge conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) released determinations of a review by MoveWithUs that conveyancing searches do not feature within the common causes of hindrances in the conveyancing process. Searches are unlikely to be the root cause of slowing down conveyancing in Cambridge.
It has been four months since my purchase conveyancing in Cambridge completed. I have checked the Land Registry site which shows that I paid £150,000 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 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 buying my first flat in Cambridge with a loan from Norwich and Peterborough Building Society. The sellers would not move on the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep told me not to tell my lawyer about the extras as it could put at risk my loan with the bank. Do I keep my lawyer in the dark?.
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 am thinking of appointing a conveyancing lawyer in Cambridge for my sale. Is there any facility to see a solicitor's complaints history with the profession’s regulator?
One can read documented Solicitor Regulator Association (SRA) determinations stemming from inquisitions from 2008 onwards. Visit Check a solicitor's record. To find information Pre 2008, or to check a solicitors history, ring 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, dial +44 (0)121 329 6800. The SRA may recorded call for training requirements.