Is the fact that my solicitor in Fulwell is not identified on my bank's solicitor panel that there is a problem with the standard of his work?
It would not be wise to jump to that conclusion. There are plenty of plausible explanations. Just recently a report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Fulwell conveyancing firm and ask them why they are no longer on the approved list for your lender.
As a novice what is the most important piece of guidance you can give me regarding purchase conveyancing in Fulwell?
You may not hear this from too many lawyers but conveyancing in Fulwell or throughout England and Wales is an adversarial experience. In other words, when it comes to conveyancing there exists plenty of room for conflict between you and other parties involved in the transaction. E.g., the seller, property agent and on occasion the mortgage company. Choosing a law firm for your conveyancing in Fulwell should not be taken lightly as your conveyancer is your adviser, and is the SOLE person in the legal process whose role it is to act in your legal interests and to protect you.
Sometimes a potential adversary may try and convince you that you should follow their advice. As an example, the selling agent may claim to be helping by suggesting your solicitor is slow. Or your mortgage broker may try to convince you to do something that is against your lawyers guidance. You should always trust your lawyer above all other parties in the home moving process.
My husband and I are hoping to buy a newbuild flat in Fulwell with a mortgage from Bank of Ireland.We use our Fulwell conveyancing lawyer but Bank of Ireland informed us she’s not on their approved list of firms. We have to appoint a Bank of Ireland panel firm or retain our local solicitor and fork out for a Bank of Ireland panel lawyer to act for them. We feel as though this is unjust; Can we not simply insist that Bank of Ireland use our lawyer?
Unfortunately,no. The loan offered to you contains terms and conditions, one of which will be that conveyancers needs to be on the Bank of Ireland conveyancing panel. in the past, most lenders had large numbers of solicitors 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. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Bank of Ireland
It has been five months following my purchase conveyancing in Fulwell completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £160,000. 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 residence 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 a new build house in Fulwell with the aid of help to buy. The developers refused to budge the amount so I negotiated 6k of fixtures and fittings instead. The house builders rep advised me not disclose to my solicitor about this side-deal as it may impact my loan with the bank. Should I keep quiet?.
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.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in two weeks back in what was supposed to be a simple, no chain conveyancing. Fulwell is the location of the property. Can you offer any guidance?
Flying freeholds in Fulwell are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Fulwell you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Fulwell may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.