My fiance and I are planning to buy a property in Kearsley and are in fact using a Kearsley conveyancing firm. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Lloyds TSB Bank have this evening contacted us to advise us that there is now an issue as our Kearsley lawyer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is normal 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 lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Kearsley solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
Despite weeks of looking the Title Certificate and documents to my house are lost. The conveyancers who did the conveyancing in Kearsley 10 years ago no longer exist. What are my next steps?
You no longer need to hold title official documentation to prove you are the registered proprietor of land or property, as the Land Registry hold details of all registered land or property electronically.
I'm purchasing my first flat in Kearsley with a mortgage from Norwich and Peterborough Building Society. The developers would not budge the price so I negotiated five thousand pounds worth of additionals instead. The sale representative advised me not reveal to my lawyer about this side-deal as it may affect my mortgage with Norwich and Peterborough Building Society. Should I keep quiet?.
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 opted to have a survey completed on a house in Kearsley prior to instructing lawyers. I have been advised that there is a flying freehold aspect to the property. My surveyor advised that some banks tend not give a loan on a flying freehold property.
It varies from the lender to lender. Santander has different requirements for example to Nationwide. Should you wish to telephone us we can look into this further via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Kearsley. Conveyancing may be slightly more expensive based on your lender's requirements.
I am 18 days into a leasehold purchase having been referred to conveyancers by the high street agent to handle our conveyancing in Kearsley. I am not happy. Could you you assist me in finding new conveyancers?
A conveyancer would need to be really bad to suggest replacing them. Has the loan offer been sent? In the event that it has you need to advise them of the new contact details and get the offer are re-issued. Your conveyancer should be on the banks approved list to avoid supplemental costs and frustration. So that should be your first question of the new lawyers. The find a solicitor tool will assist you in finding a bank approved lawyer for your home move in Kearsley
Why am I unable to complete our conveyancing in Kearsley on Easter Monday?
Because on completion the funds will be transferred electronically between the banks of the buyer and seller's property lawyer and at present this can only occur on a working day. It is not possible to complete on a weekend either.