I can't travel far from Shinfield and Arborfield. What is the rationale as to why all Shinfield and Arborfield property lawyers aren't automatically on all lender panels?
Mortgage companies highlight the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud annually.The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lending institutions to review their conveyancing panels, which triggered a major policy change in the sector. This led to banks and building societies purging a number of firms from their panel of approved conveyancing practitioners .
My husband and I are only a couple days away from an exchange on a flat in Shinfield and Arborfield and my mum and dad have transferred the 10% deposit to my lawyer. I am now told that as the deposit has been received from someone other than me my lawyer needs to make a notification to my mortgage company. I am advised that, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I informed the mortgage company regarding my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
Your solicitor is duty bound to clarify with the bank to ensure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
I am due to move property in February. Should my conveyancing solicitor update the removal company on the day of completion. As an aside, can you suggest a removal company in Shinfield and Arborfield. Conveyancing lawyer was organised prior to coming across your website.
On the afternoon of completion you can collect the house keys from the estate agent however this should only happen once the previous owners conveyancers confirm to the agent that the monies to complete are in and the keys can be passed over. After that you should advise the removal men that you are ready to move in. As a matter of policy we do not recommend a specific removal organisation but can help you choose a conveyancing in Shinfield and Arborfield or a firm that specialises in conveyancing in Shinfield and Arborfield.
I am buying a terrace house in Shinfield and Arborfield. Our aim is to carry out a loft conversion at the property.Will the conveyancing process involve enquiries to see if these works are permitted?
Your solicitor should review the registered title as conveyancing in Shinfield and Arborfield can on occasion reveal restrictions in the title deeds which restrict categories of works or require the consent of another owner. Certain works call for local authority planning consent and approval in accordance building regulations. Many locations are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. It would be sensible to check these issues with a surveyor prior to committing yourself to a purchase.
Is there a list of Leeds Building Society panel conveyancers in Shinfield and Arborfield on the Building Society Association’s Website?
No. There is no such tool on the CML or Building Society Association websites. A small selection of lenders make their panel listings open the public over the internet. If you are looking for a Shinfield and Arborfield conveyancing practitioner on the Leeds Building Society please use our tool.
2 months have gone by since my purchase conveyancing in Shinfield and Arborfield took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £160,000. 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 residence 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.
Over the last few months I have been searching for a flat up to £195,000 and found one near me in Shinfield and Arborfield I like with open areas and transport links nearby, the downside is that it only has 61 years unexpired on the lease. There is not much else in Shinfield and Arborfield for this price, so just wondered if I would be making a mistake buying a short lease?
If you require a mortgage the remaining unexpired lease term will be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least 2 years you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
My husband and I are buying a four room housein Shinfield and Arborfield with a residential mortgage from a lender. We would like to retain our conveyancer in Shinfield and Arborfield yet our lender advise she’s not listed on their "panel". It seems we have little choice but to instruct one of the our bank panel solicitors or keep our Shinfield and Arborfield conveyancer and incur the extra legals for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that our lender use our Shinfield and Arborfield lawyer?
No, not really. The mortgage company mortgage issued is subject to conditions, one of which will be that lawyers will on the bank's conveyancing panel. Until recently, most mortgage companies had open panels, including almost all conveyancing solicitors in Shinfield and Arborfield : a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for your bank.