My Potters Bar lawyer has spotted an inconsistency when comparing the information in the home valuation survey and what is revealed within the conveyancing documents. My lawyer informs me that he needs to check that the bank is OK with this discrepancy and is still content to lend. Is my lawyer’s course or action correct?
Your lawyer must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
I am purchasing a property and require a conveyancing solicitor in Potters Bar who is on the Platform Home Loans Ltd approved. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Platform Home Loans Ltd in certain locations such as Potters Bar. We dont recommend any particular firm.
Does a directory service exist listing Kent Reliance panel solicitors in Potters Bar on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such directory service on the CML or Building Society Association websites. A small selection of mortgage companies make their panel listings viewable online. If you are looking for a Potters Bar lawyer on the Kent Reliance please make the most of our tool.
Is it the case that all Potters Bar solicitor firms on the Virgin Money conveyancing panel are regulated by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Virgin Money approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. The majority of banks do list licenced conveyancers on their panel and in such a situation the organisation would be overseen by the CLC.
Our offer on a house in Potters Bar has been agreed to, but there is a chain. The owners have offered on somewhere, however it’s not yet agreed to, and have viewings of other flats in the pipeline. I have selected a bricks and mortar conveyancing solicitor in Potters Bar. What should be my next step? When should I get the mortgage application with Nottingham going?
It is usual to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is in the region of one thousand pounds, then survey, Potters Bar conveyancing search charges, etc). The first thing to do is check that your property lawyer is on the Nottingham approved list. Concerning the subsequent stages this very much dictated by the specifics of your transaction, desire for this property and on the state of the market. In a buoyant market many purchasers would apply for a home loan with Nottingham and arrange for the valuation and only if it was satisfactory would they pay their solicitor to press on with searches.
I have been told that property searches are the main cause of hinderance in Potters Bar conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not figure within the common causes of hindrances in the conveyancing process. Searches are not likely to be the root cause of holding up conveyancing in Potters Bar.
Me and my brother have a terraced Georgian property in Potters Bar. Conveyancing practitioner acted for me and Nottingham Building Society. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, the second leasehold with the matching property. I'd like to know for sure, how can I find out??
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Potters Bar and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the position with the conveyancing practitioner who conducted the conveyancing.
I'm buying my first flat in Potters Bar with the aid of help to buy. The developers would not reduce the price so I negotiated 6k of extras instead. The house builders rep suggested that I not reveal to my conveyancer about this extras as it could impact my loan with the lender. Is this normal?.
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.