My husband and I are planning to acquire a flat in Kingsley and are in fact using a Kingsley conveyancing firm. Within the last couple of days our lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Godiva Mortgages Ltd have this afternoon contacted us to advise us that they have now hit a problem as our Kingsley conveyancer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is standard for the purchasers' solicitors to also represent the mortgage company. 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 solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Kingsley solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
As a first time buyer what is the most important piece of guidance you can impart about purchase conveyancing in Kingsley?
Not many law firms shout this from the rooftops but conveyancing in Kingsley and elsewhere in Staffordshire is often a confrontational experience. In other words, when it comes to conveyancing there exists lots of room for friction between you and other parties involved in the transaction. E.g., the seller, estate agent and sometimes your lender. Appointing a solicitor for your conveyancing in Kingsley should not be taken lightly as your conveyancer is your adviser, and is the ONE person in the transaction whose responsibility is to act in your best interests and to protect you.
We are witnessing a distinct ongoing adversarial element to conveyancing- someone has to be at fault for the process taking so long. You your first instinct should be to trust your lawyer ahead of the other parties in the conveyancing process.
It has been 2 months since my purchase conveyancing in Kingsley concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. 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 Kingsley with a mortgage from Nottingham Building Society. The developers refused to move on the price so I negotiated five thousand pounds worth of extras instead. The sale representative advised me not to tell my conveyancer about the side-deal as it could jeopardize my loan with Nottingham Building Society. Do I keep my lawyer in the dark?.
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.
I decided to have a survey done on a property in Kingsley ahead of retaining conveyancers. I have been informed that there is a flying freehold aspect to the property. My surveyor advised that some lenders tend refuse to issue a mortgage on a flying freehold premises.
It varies from the lender to lender. Lloyds has different instructions for example to Birmingham Midshires. Should you wish to call us we can investigate further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Kingsley. Conveyancing may be slightly more expensive based on your lender's requirements.
Do I need to have a meeting at the offices of the bank conveyancing panel solicitor to execute the mortgage deed? If so, I will choose one who does conveyancing in Kingsley so that I can pop in to their offices if required.
As opposed to 12 years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Kingsley.