We are approaching an exchange on a house in Stamfordham and my mum and dad have transferred the exchange deposit to my conveyancing practitioner. I am now informed that as the deposit has been sent from someone other than me my solicitor needs to make a notification to my lender. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I disclosed to the lender about my parents' contribution when I applied for the mortgage, so is it really necessary for this now to delay the deal?
The conveyancing practitioner is legally required to clarify with lender to make sure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only notify this to your bank if you agree, failing which, your lawyer must cease to continue acting.
Completed the sale of my flat in Stamfordham last February yet the purchaser is texting me to say his solicitor is waiting to hear from mine. What should have happened following completion?
Following your house sale your solicitor is duty bound to deliver the transfer documentation and all supplemental paperwork to the buyer’s lawyers. Depending on the transaction, your lawyer should also send confirmation that the home loan has been paid off to the buyers lawyers. There is unlikely to be post completion requirements unique to conveyancing in Stamfordham.
I had intended to instruct a property lawyer in Stamfordham for our home move. Our broker has since notified us that our mortgage company Bank of Scotland won't deal with them. Surely this is unfair competition?
A decade ago most mortgage companies had a different appetite for risk. Almost all Stamfordham conveyancing firms would have been on most bank panels. The financial services regulator in 2010 conducted a thematic investigation into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more information from law firms concerning their operations and the individuals who work for them as well as set certain criteria such a completing on a minimum amount of transactions. Many Stamfordham conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Stamfordham is one of the thousands of locations where the conveyancers showing on our search results are are authorised to act for Bank of Scotland.
I'm the single beneficiary of my late father’s will with all property in now in my sole name, including the house in Stamfordham. The Stamfordham property was put into my name in October. I want to move. I do know about the Mortgage Lenders six month 'rule', which means that my proprietorship will be considered the same way as if I'd bought the property in October. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be caught by that. Most banks would take a sensible view as this clause is primarily there to identify subsales or the flipping of properties.
Is it the case that all Stamfordham CQS (Conveyancing Quality Scheme) solicitors are on the Co-operative conveyancing panel?
Some major banks and building societies now utilise the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their panels.
When it comes to lenders such as Skipton, do Stamfordham conveyancers face a fee to be on the conveyancing panel?
We are unaware of any bank fees to be on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
Will my lawyer be making enquiries about flooding as part of the conveyancing in Stamfordham.
Flooding is a growing risk for solicitors carrying out conveyancing in Stamfordham. There are those who acquire a house in Stamfordham, fully aware that at some time, it may be flooded. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to give advice on flood risk, but there are a various checks that can be undertaken by the buyer or by their conveyancers which can figure out the risks in Stamfordham. The conventional set of completed inquiry forms supplied to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard question of the vendor to find out whether the premises has suffered from flooding. In the event that flooding has previously occurred which is not notified by the owner, then a buyer may bring a compensation claim as a result of such an misleading reply. The purchaser’s conveyancers should also order an enviro search. This will reveal whether there is any known flood risk. If so, additional inquiries will need to be made.
Have completed on a a terraced house in Stamfordham , What is the estimated time for the Land Registry to record my ownership? My Stamfordham conveyancing solicitor has been painfully slow, so I want to check that my name is recorded.
There is nothing unique when it comes to conveyancing in Stamfordham registration formalities. As opposed to being determined by geographic area, timescales can differ according to who lodges the application, whether there are errors and whether the Land registry communicate with any 3rd persons or bodies. As of today roughly 80% of submission are completed in less than three weeks but some can be subject to longer delays. Historically registration is effected once the purchaser has moved in to the property therefore post completion formalities is not typically top priority yet where it is urgent that the the registration takes place urgently then you or your lawyers could communicate with the Registry to express the reasoning for an expedited registration.