It is is a decade since I purchased my home in Potswood. Conveyancing lawyers have now been instructed on the sale but I am unable to find the deeds. Will this cause complications?
You need not be too concerned. Firstly the deeds may be retained by your lender or they may stored with the lawyers who oversaw the purchase. Secondly the chances are that the title will be registered at the land registry and you will be able to prove you own the property by your conveyancing solicitors acquiring up to date copy of the land registers. Almost all conveyancing in Potswood relates to registered property but in the unlikely event that your property is not registered it adds to the complexity but is not insurmountable.
I am the sole beneficiary of my late grandmother’s will and I have everything in my name now, including the house in Potswood. The Potswood property was put into my name in August. I now wish to sell up. I understand that there is a CML six month 'rule', meaning my proprietorship could be considered the same way as though I had purchased the house in August. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. How sensible a view mortgage companies take of it, depend on the lender as this obligation principally exists to pick up on the purchase and immediately sell or the quick reselling of properties.
We previously instructed solicitors locally in Potswood on the Yorkshire BS solicitor panel. They are now charging me a further charge for handling the Yorkshire BS mortgage. Is this a supplemental conveyancing fee specified by Yorkshire BS?
Provided it is contained in their Terms of Engagement or Quote then yes your conveyancer may levy a fee for this. The charge is not dictated by Yorkshire BS but by your Potswood property lawyer. Numerous firms on the Yorkshire BS panel will levy ’dealing with mortgage’ fee but some firms incorporate it on their overall fee.
Principality have agreed my home loan in principle, my bid on a house in Potswood has been accepted, now what?
Your estate agent will want to be informed of your solicitor's details (ensure that the lawyers are on the bank’s panel). Call up Principality or the financial adviser and complete any outstanding documentation. Principality will appoint a valuer who will get in touch with the estate agent or vendor to schedule a time for the valuation to happen. Once carried out (assuming no problems) it takes approximately a fortnight for the mortgage offer to be issued. Principality will issue the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Potswood.
Various web forums that I have frequented warn that are a common cause of delay in Potswood conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of delays during the legal transfer of property. Local searches are unlikely to feature in any slowing down conveyancing in Potswood.
2 months have gone by following my purchase conveyancing in Potswood took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £180,000. 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 property 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.
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At this site receive a fixed fee quote via a Solicitor or Licensed Conveyancer that has a full understanding of the nuances of your conveyancing in Potswood. Unlike many estate agents and brokerage sites we do not operate referral deals with solicitors. Some agents and online brokers 'recommend' solicitors paying the most kickback, rather than the best value conveyancing in Potswood
My 20yr old son is just in the process of moving house, the home loan was agreed last week in principle. After the seller agreed the offer on the house we called the mortgage company to issue the formal offer. We were shocked to hear that mortgage lenders do not accept all conveyancing practitioner, they need to be on their approved list, is this correct?
Banks tend to restrict either the type or the number of conveyancing firms on their approved list of lawyers. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Potswood property lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Presumably not.