My husband and I are planning to purchase a flat in Corsham and are in fact using a Corsham conveyancing firm. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Lloyds TSB Bank have this morning contacted us to inform me that there is now an issue as our Corsham lawyer is not on their approved list of lawyers. Please explain?
If you are buying a property with the assistance of a mortgage it is usual for the purchasers' lawyers to also represent the purchaser's lender. 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 Accreditation Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Corsham lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
AssumingI was to buy a freehold housein Corsham mortgage fee and dispense with a survey and no conveyancing searches how much would I expect to to save on my conveyancing in Corsham?
Any savings you would gain would be isolated to the costs for searches. The conveyancing practitioner still got to do everything else - money laundering, communicating with your sellers conveyancing practitioner, SDLT submission, register the title etc. You might save a bit for them not having to register a charge however it will not be meaningful.
We are purchasing a flat and need a conveyancing solicitor in Corsham who is on the UBS solicitor panel. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for UBS . We don't recommend any particular firms conducting conveyancing in Corsham.
My bid for a property was accepted at auction in Corsham. Conveyancing is required. What is next?
Given that you are now for in every practical sense signed on the dotted line you must appoint a conveyancing lawyer soon as you now have a pending a drop dead date to complete the deal. All auction property should have an associated auction set of papers. This will include evidence of title and search results. If you have purchased leasehold premises the auction pack should include a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation specific to leasehold premises. You should hand this to the lawyer working for you as soon as possible. You also need to ensure that your finances are organised to complete the transaction on the set completion date.
We are getting the release of further monies on our home loan from Virgin Money as we wish to carry out improvements to our home in Corsham. Do we need to appoint a bricks and mortar Corsham solicitor on the Virgin Money conveyancing panel to deal with the paperwork?
Virgin Money would not normally instruct a member of their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Virgin Money panel.
I have today made my last payment due on my mortgage with Principality. I assume I don't need a Corsham property lawyer on the Principality panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Principality 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 Principality mortgage from the register. Principality, 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 Principality has sent the Land Registry the discharge electronically, and
- Principality has instructed the Land Registry to do so
Various online forums that I have visited warn that are a common reason for stalling in Corsham conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not figure amongst the common causes of hindrances in the conveyancing process. Local searches are unlikely to feature in any holding up conveyancing in Corsham.
I am purchasing my first flat in Corsham with a loan from Halifax. The developers would not move on the amount so I negotiated five thousand pounds worth of extras instead. The property agent told me not reveal to my solicitor about the extras as it would jeopardize my loan with the lender. 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.