My fiance and I are looking to buy a house in Stony Stratford and have instructed a Stony Stratford conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. HSBC Bank have this morning contacted us to advise us that there is now an issue as our Stony Stratford solicitor is not on their approved list of lawyers. Is this a problem?
Where you are buying a property with the assistance of a mortgage it is standard for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Stony Stratford solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
Why do I have to pay up front for conveyancing in Stony Stratford?
Where you are retaining lawyers for conveyancing in Stony Stratford your solicitor will request that you put them with monies to cover the search fees. Ordinarily this is needed to cover the fees of the Local Authority Search. When the down payment is as part of the sale price then this should be required immediately in advance of exchange of contracts. The final balance that is needed will be payable a couple of days ahead of the day of completion.
Do commercial conveyancing searches disclose planned roadworks that could affect a commercial premises in Stony Stratford?
Its becoming the norm that commercial conveyancing solicitors in Stony Stratford will perform a SiteSolutions Highways report as it reduces the time that conveyancers invest in investigating accurate data on highways that impact buildings and development assets in Stony Stratford. The report provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Stony Stratford.
For every commercial conveyancing transaction in Stony Stratford it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately may result in delays to Stony Stratford commercial conveyancing transactions as well as present a risk to future intentions for the site. These searches are not ordered for residential conveyancing in Stony Stratford.
I am buying a new build house in Stony Stratford with a mortgage from Norwich and Peterborough Building Society. The builders refused to budge the price so I negotiated £7000 of additionals instead. The estate agent told me not to tell my solicitor about the extras as it may put at risk my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Is it best to go with a Stony Stratford conveyancing practitioner who is local to the property I am hoping to buy? We have a good friend who can deal with the conveyancing however his firm is located approximately 350kilometers away.
The primary upside of using a local Stony Stratford conveyancing firm is that you can attend the office to execute documents, deliver your ID and pester them if necessary. They will also have local insight which is a bonus. However nothing is more important than finding someone that will do a good and efficient job. If if people you trust used your friend and the majority were happy that should trump using an unknown Stony Stratford conveyancing lawyer solely due to them being local.
My a dozen years ago. He has got married, widowed and has recently married again. He will be selling the flat in a couple of months. I suspect that he will just be need to supply copies of his marriage certificates to the property lawyer however he is anxious it could delay the sale of the property. Is it worth updating the land title documents for the house?
You are not required to bring up to date the register on the basis that you have the proof needed to demonstrate how the change of name occurred.
Any buyer’s conveyancing practitioner should check the registered entries and need evidence by way of proof of the name change e.g. marriage certificates.