I am progressing with the sale of my maisonette in Kenley and the estate agent has just called to advise that the buyers are changing their solicitor. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their approved list. Why would a big named lender only engage with specific law firms rather the firm that they want to select for their conveyancing in Kenley ?
Lenders have always had an approved set of law firms that can represent them, but in the last few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Mortgage companies blame a rise in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any impact on this.
I have given 2 months notice to my existing landlord and must leave my let out flat in Kenley by the end of next month. Conveyancing for my house purchase is progressing. Can I complete in 5 weeks as don't want to have to find temporary accommodation?
Generally one should not give notice for your lease until your lawyer suggests that you should. If you have not previously done so, speak to your solicitor and request that they seek the assistance the other lawyers, try to an agreed time frame that everyone will aim to achieve
As someone unfamiliar with the Kenley conveyancing process what is the number one tip you can impart for the house moving process in Kenley
You may not hear this from too many lawyers but conveyancing in Kenley or throughout Surrey is often a confrontational experience. Put another way, when it comes to conveyancing there is plenty of room for confrontation between you and others involved in the house moving process. For instance, the vendor, selling agent and sometimes a bank. Appointing a law firm for your conveyancing in Kenley an important selection as your conveyancer is your adviser, and is the ONLY party in the process whose role it is to act in your best interests and to keep you safe.
Every so often a potential adversary may try and sway you that it is in your interests to do things their way. For instance, the property agent may claim to be helping by claiming that your solicitor is wrong. Or your financial adviser may advise you to do take action that is contrary to your solicitors recommendation. You should always trust your lawyer above all other parties in the home moving process.
It has been 4 months following my purchase conveyancing in Kenley concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. 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 asset 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 Kenley with a mortgage from Santander. The developers would not move on the amount so I negotiated £7000 of extras instead. The sale representative suggested that I not disclose to my solicitor about this side-deal as it may adversely affect my mortgage with the bank. 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.
Due to the guidance of my in-laws I had a survey completed on a property in Kenley in advance of instructing conveyancers. I have been informed that there is a flying freehold overhang to the property. Our surveyor has said that some mortgage companies will not give a mortgage on this type of house.
It varies from the lender to lender. Santander has different requirements from Nationwide. Should you wish to call us we can check with the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Kenley. Conveyancing will be smoother if you use a solicitor in Kenley especially if they regularly deal with such properties in Kenley.