Unfortunately I am unable to travel far from Darnall. Is there a reason why all Darnall lawyers aren't included on all lender panels?
Before the recession most mortgage companies displayed an approach to risk which is different than today. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancers on your panel. Consequently, banks have since requiredmore information from law firms concerning their processes and the staff who work for them and set certain criteria such as completing a minimum number of transactions. Many firms have found themselves excluded from lender panels even though they had an exemplary track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to satisfy the minimum amount of transactions the lenders required.
Our Darnall lawyer has identified an inconsistency between the surveyor’s assumptions in the home valuation report and what is revealed within the legal papers for the property. My solicitor has advised that he is duty bound to check that the bank is OK with this discrepancy and is content to go ahead. Is my solicitor’s approach appropriate?
Your property lawyer must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
It is a dozen years since I acquired my property in Darnall. Conveyancing lawyers have now been retained on the sale but I am unable to locate my title documents. Is this a problem?
Don’t worry too much. First the deeds may be retained by your mortgage company or they may be in the possession of the solicitor who handled your purchase. Secondly in most cases the title will be recorded at the land registry and you will be able to prove you are the registered owner by your conveyancing lawyers procuring current official copies of the land registers. Almost all conveyancing in Darnall relates to registered property but in the unlikely event that your home is unregistered it adds to the complexity but is not insurmountable.
A colleague pointed out to me me that in buying a property in Darnall there may be a number of restrictions limiting what one can do in terms of external changes to the property. Is this right?
We are aware of a number of properties in Darnall which have some sort of restriction or requirement of consent to carry out external variations. Part of the conveyancing in Darnall should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Two weeks ago we had a mortgage agreed in principle with Nationwide. Darnall conveyancing lawyers have been selected. How long does it take for Nationwide to issue the offer to the property lawyer?
There is no definitive answer here. Have Nationwide completed the valuation? Have you advised Nationwide as to your lawyers' details and checked that your lawyers are on the Nationwide conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I have today made my last payment due on my mortgage with Nationwide. I assume I don't need a Darnall conveyancer on the Nationwide panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Nationwide 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 Nationwide mortgage from the register. Nationwide, 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 Nationwide has sent the Land Registry the discharge electronically, and
- Nationwide has instructed the Land Registry to do so
Various internet forums that I have visited warn that are the main cause of stalling in Darnall house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not figure amongst the common causes of delays in the conveyancing process. Local searches are unlikely to feature in any slowing down conveyancing in Darnall.
I'm buying a new build house in Darnall with a mortgage from Alliance & Leicester . The sellers refused to reduce the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative advised me not inform my lawyer about this deal as it would put at risk my mortgage with the bank. Do I keep my lawyer in the dark?.
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.