My wife and I are purchasing a newly built flat in Cudham and my solicitor is telling me that she is duty bound to the mortgage company to reveal incentives from the seller. I am nearing the developer’s deadline to exchange and I have no desire to prolong deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Completed the sale of my flat in Cudham last September yet the purchaser is e-mailing daily to say his lawyer is waiting to hear from myconveyancer. What are the post completion sale formalities now that I have sold?
Post completion of your house sale your conveyancer should deliver the transfer documentation and all additional paperwork to the purchaser's solicitors. Where appropriate, your conveyancer should also confirm that the legal charge in favour of the lender has been discharged to the buyers lawyers. There is unlikely to be post completion formalities unique to conveyancing in Cudham.
Do I have to attend the offices of the solicitor to sign the mortgage deed? If so, I will instruct a firm who offer conveyancing in Cudham so that I can pop in to their offices if required.
Most conveyancing panel lawyers for lenders carry out their communications through the post, internet or over the phone. This means that they can undertake the conveyancing transaction no matter where you live in the country. However you can see if you have the option of visiting the offices of your conveyancing lawyer if you prefer.
If you had a top tip for selecting a conveyancing solicitor in Cudham what would it be?
We would encourage you not to go for the lowest Cudham conveyancing quote. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
It is unclear whether my lender requires a lease extension. I have called my Cudham bank branch on various occasions and was told it wasn't an issue and they will lend. My Cudham conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they would not lend based on their specific requirements. I have no idea who is right.
Your property lawyer must comply with the Council of Mortgage Lenders’ Handbook section two conditions for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
My offer on a semi in Cudham has been agreed to, the sellers do nevertheless have an associated purchase. The owners have put an offer on somewhere, however it’s not yet agreed to, and have viewings of other properties in the pipeline. I have chosen a high street conveyancing solicitor in Cudham. What should be my next step? When should I get the mortgage application with Lloyds started?
It is normal to have anxieties where there is a chain as you are unlikely to want to incur expenses prematurely (mortgage application is approx one thousand pounds, then survey, Cudham conveyancing search costs, etc). The first course of action is to ensure that your conveyancing practitioner is on the Lloyds approved list. As to the next steps this very much depends on the circumstances of your transaction, attraction to the property and on the state of the market. During a buoyant market the majority of buyers will apply for the mortgage with Lloyds and pay for the valuation and only if it was satisfactory would they ask their lawyer to move forward with searches.
I require quick conveyancing in Cudham as I am faced with an ultimatum to sign on the dotted line inside one month. Fortunately I do not need a mortgage. Can I decline from having conveyancing searches to save fees and time?
As you are are a cash purchaser you have the choice not to do searches although no law firm would recommend that you don't. With lots of history conveyancing in Cudham the following are instances of issues that can crop up and therefore impact market value: Enforcement Actions, Outstanding Fees, Outstanding Grants, Railway Schemes,...
My wife and I are buying a ground floor flat in Cudham. When we first instructed solicitor, they assured us that they were on all mainstream mortgage company panels. Our mortgage broker emailed yesterday to say that they are not on the Santander approved list. If it turns out to be true, what should we do? Do we simply choose a new conveyancer that is on their panel or do we pay for separate representation, with Santander appointing their own preferred conveyancer.
Where you are acquiring a property needing a mortgage it is normal for the buyer’s lawyers to also represent the purchaser's lender. In order to act for a bank or building society a solicitor has to be on that lender's list of approved lawyers. An application has to be made by the conveyancing practitioner to the lender to become a member of the lender's panel and there are increasingly strict criteria which the solicitor has to satisfy. Some building societies now insist their panel firms to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact Santander to find out 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 are not legally obliged to appoint a law firm on Santander's conveyancing panel and you may continue to use your own Cudham solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.