Can you clarify what the consequences are if my lawyer’s firm is removed from the Coventry BS Conveyancing panel ahead of completing my conveyancing in Markfield?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
My conveyancer has informed me that defective lease insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Markfield?
The right level of defective lease indemnity insurance depends on who your lender is. It would differ for example between Nationwide Building Society and Bank of Scotland. Conveyancing practitioners as opposed to members of the public take out such policies.
We have agreed to purchase a house in Markfield. A rare aspect is that the roof has a solar panel. Leeds Building Society have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Leeds Building Society your lawyer must follow the conveyancing instructions contained in Section 2 of UK Finance Lenders’ Handbook for Leeds Building Society. The Council of Mortgage Lenders’ Handbook includes minimum conditions for solar panel roof-space leases, and conveyancing practitioners are required to report to Leeds Building Society where a lease fails to meet these specifications. The provisions relate to the installation of panels on properties countrywide and is not restricted to Markfield.
Planning on purchasing a house in Markfield. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Santander conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Markfield conveyancing practitioner is on the Santander conveyancing panel.
I have justbeen informed that Wolstenholmes have been shut down. They conducted my conveyancing in Markfield for a purchase of a leasehold flat 9 months ago. How can I establish that the property is in my name in the name of the previous owner?
The easiest method to check if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Markfield conveyancing specialists.
I am purchasing my first flat in Markfield with a loan from TSB. The builders would not budge the price so I negotiated 6k of extras instead. The estate agent advised me not disclose to my conveyancer about the extras as it could jeopardize my mortgage with the bank. Do I keep my lawyer in the dark?.
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.
In my capacity as executor for the will of my father I am selling a house in Newport but I am based in Markfield. My conveyancer (based 300 kilometers from meneeds me to sign a statutory declaration before the transaction finalising. Can you recommend a conveyancing lawyer in Markfield to witness and place their company stamp on the document?
strictly speaking you should not need to have the documents attested by a conveyancing solicitor. Normally any notary public or qualified solicitor will do regardless of whether they are Markfield based
My husband and I are acquiring a 2 bedroom flat in Markfield. When we first instructed solicitor, they assured us that they were on all mainstream bank panels. Our mortgage broker contacted us yesterday to advise that they are not on the Yorkshire BS approved list. Were it to be true, what should we do? Do we simply pick a new lawyer that is on their approved list or do we cover the costs for dual representation, with Yorkshire BS appointing their own approved lawyer.
If you are buying a property requiring a mortgage it is usual for the buyer’s solicitors to also represent the mortgage company. In order to act for a bank or building society a lawyer has to be on that lender's list of approved lawyers. An application has to be made by the property lawyer to the lender to become a member of the lender's panel and there are increasingly strict conditions which the lawyer has to satisfy. Some lenders now require their panel firms to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should call Yorkshire BS to find out 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 don't have to instruct a firm on Yorkshire BS's conveyancing panel as you are at liberty to use your preferred Markfield lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.