My husband and I are looking to acquire a flat in Welling and have instructed a Welling conveyancing firm. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Yorkshire Building Society have this afternoon contacted us to advise us that there is now an issue as our Welling lawyer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is normal for the purchasers' solicitors to also act for the purchaser's lender. 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 solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Welling lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
The Welling conveyancing firm handling our Welling conveyancing has discovered an inconsistency when comparing the surveyor’s assumptions in the valuation report and what is revealed within the conveyancing documents. My solicitor has advised that he is obliged to ensure that the bank is happy with this discrepancy and is content to go ahead. Is my solicitor’s stance right?
Your conveyancing practitioner 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.
My husband and I decided to purchase a newbuild apartment in Welling with a homeloan from The Mortgage Works.We use our Welling conveyancing lawyer but The Mortgage Works advised that he's not listed on their approved list of firms. we are left little option but to use a The Mortgage Works panel lawyer or keep our local solicitor and fork out for one of their panel ones to act for them. We feel as though this is unjust; Can we not simply insist that The Mortgage Works use our lawyer?
Unfortunately,no. The mortgage issued to you is subject to its terms and conditions, a common one being that conveyancers needs to be on the The Mortgage Works conveyancing panel. in the past, most banks had large numbers of solicitors on their panels: 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 lawyer to apply to be on the conveyancing panel for The Mortgage Works
I have todaybeen informed that Arc property Solicitors have closed. They conducted my conveyancing in Welling for a purchase of a leasehold flat 12 months ago. How can I check that the property is registered correctly in the name of the former proprietor?
The quickest method to see if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Welling conveyancing specialists.
I am purchasing my first flat in Welling with a loan from Chelsea Building Society. The sellers would not reduce the amount so I negotiated £7000 of fixtures and fittings instead. The house builders rep suggested that I not inform my lawyer about the deal as it may adversely affect my mortgage with the bank. Should I keep quiet?.
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.
I have been sourcing a conveyancing lawyer in Welling for my remortgage. Can I check a firm’s record with the profession’s regulator?
Members of the public can search for published Solicitor Regulator Association (SRA) decisions stemming from inquisitions commenced on or after Jan 2008. Visit Check a solicitor's record. For information Pre 2008, or to check a firm's record, call 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For non-uk callers, call +44 (0)121 329 6800. The regulator sometimes monitor telephone calls for training requirements.