My fiance and I are hoping to purchase a home in Long Sutton and have instructed a Long Sutton conveyancing firm. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Lloyds TSB Bank have this afternoon contacted us to inform me that there is now an issue as our Long Sutton conveyancer is not on their conveyancing panel. Is this a problem?
Where you are buying a property requiring a mortgage it is usual for the purchasers' lawyers to also act for 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 Quality Scheme. Your solicitor should contact your mortgage company 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 don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Long Sutton solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
The Long Sutton conveyancing solicitors that I appointed last week on my purchase in Long Sutton have without warning shut down. I chose them because I had to have a solicitor on the Santander conveyancing panel and my family Long Sutton lawyer was not. I paid them 275 plus VAT in advance. What are my options?
Assuming that you have an Estate Agent in the equation then inform them straight away so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Santander conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to help.
Will commercial conveyancing searches reveal planned roadworks that may impact a commercial site in Long Sutton?
Its becoming the norm that commercial conveyancing solicitors in Long Sutton will perform a SiteSolutions Highways report as it reduces the time that conveyancers spend in investigating accurate data on highways that impact buildings and development assets in Long Sutton. The report provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Long Sutton.
For every commercial conveyancing transaction in Long Sutton it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately could result in delays to Long Sutton commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not carried out for domestic conveyancing in Long Sutton.
My wife and I own a terraced Victorian property in Long Sutton. Conveyancing lawyer acted for me and Santander. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, the second leasehold with the exact same address. I thought I was buying a freehold how can I check?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Long Sutton and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the situation with the conveyancing lawyer who conducted the conveyancing.
I am purchasing a new build house in Long Sutton benefiting from help to buy. The sellers refused to budge the price so I negotiated £7000 of additionals instead. The sale representative told me not disclose to my conveyancer about the side-deal as it would adversely affect my loan with Accord Mortgages Ltd. 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.
My husband and I are disposing of a Long Sutton ground floor flat left to us ten years ago in 2010. I have over a decades worth of conveyancing know-how and, now retired, wish to undertake my own legal work. The purchaser's property lawyer has informed me that their bank will not allow us to do our own conveyancing requiring the funds to be released via a solicitor's bank account.
Lending instructions to solicitors from all mainstream lenders state that If the seller is not legally represented the buyer’s lawyers should check whether the mortgage company needs to be told so that a decision can be made as to whether or not they are prepared to move forward.