I am progressing with the sale of my home in Chippenham and the EA has just telephoned to advise that the buyers are switching conveyancer. I am told that this is due to the fact that the bank will only work with property lawyers on their approved list. Why would a big named lender only work with specific lawyers rather the firm that they want to appoint for their conveyancing in Chippenham ?
UK lenders have always had an approved set of law firms they are willing to work with, but in the last few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Banks blame a rise in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are unlikely to have any sway in the decision.
Our god-son is buying a new build apartment in Chippenham with a home loan from Nottingham. His solicitor has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Nottingham conveyancing panel as a standard part of the process, and to the valuer when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Nottingham conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Chippenham?
Two types of professional can execute conveyancing in Chippenham namely CLC regulated conveyancers or solicitors. Both professionals handle conveyancing services that you need to complete the sale or purchase of property. Both are required to carry out Chippenham conveyancing to the same standards and guidelines so you may be safe in the knowledge that your conveyancing will be professionally administered and that the requirements and steps should be accurately attended to.
Forgive me if this question is silly but I am unseasoned as a 1st time buyer of a garden flat in Chippenham. Do I receive the keys to the premises on completion from my conveyancer? If this is the case, I will instruct a High Street conveyancing solicitor in Chippenham?
On the day of completion you will not be required to go to the conveyancers office in Chippenham. Conveyancing lawyers for you will transfer the completion advance to the seller's solicitors, and shortly after the monies have arrived, you will be able to pick up the keys from the selling Agents and start moving into the property. This tends to happen between 1 and 3pm.
I have paid off my mortgage with UBS. I assume I don't need a Chippenham conveyancing practitioner on the UBS panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your UBS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the UBS mortgage from the register. UBS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where UBS has sent the Land Registry the discharge electronically, and
- UBS has instructed the Land Registry to do so
I'm purchasing a new build house in Chippenham with a loan from Alliance & Leicester . The developers refused to move on the amount so I negotiated five thousand pounds worth of extras instead. The house builders rep advised me not reveal to my conveyancer about this extras as it could impact my loan with Alliance & Leicester . Is this normal?.
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'm remortgaging my existing home to a BTL loan with TSB and intend to use the remaining equity as a deposit on another house. The location we are talking about is Chippenham. Will your conveyancers be able to act for the two banks and link together the transactions?
Do use our comparison tool on this page to ensure that the solicitors are on the appropriate lender panels. On the basis that they are your lawyer should be able to tie up the two conveyancing matters but you should talk with you conveyancer and communicate your desired outcome and needs.
I am looking at a couple of maisonettes in Chippenham which have in the region of 50 years left on the leases. Will this present a problem?
There are plenty of short leases in Chippenham. The lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the marketability of the lease decreases and it becomes more costly to acquire a lease extension. This is why it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this field.
Chippenham Conveyancing for Leasehold Flats - A selection of Queries before buying
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The prefered form of lease arrangement is a share of the freehold. In this situation the tenants benefit from control and although a managing agent is frequently retained where the building is bigger than a house conversion, the managing agent retained by the leaseholders. How is the lease structured? On the whole the cost for major works are not included within service charges, albeit that some managing agents in Chippenham ask leasehold owners to contribute towards a reserve fund created for the specific intention of establishing a fund for larger works.