My fiance and I are planning to acquire a flat in Aston Clinton and are in fact using a Aston Clinton conveyancing firm. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Halifax have this morning contacted us to advise us that they have now hit a problem as our Aston Clinton conveyancer is not on their conveyancing panel. Please explain?
When purchasing a property with mortgage finance it is conventional for the purchasers' lawyers to also represent 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 Accreditation Scheme. Your property lawyer should contact your mortgage company 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 bank's conveyancing panel and you may continue to use your own Aston Clinton solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
Our grandson is in the process of securing a newly built flat in Aston Clinton with a home loan from Skipton. His conveyancer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Skipton conveyancing panel as a standard part of the process, and to the valuer when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Skipton conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Can you explain why leasehold purchase conveyancing in Aston Clinton costs more?
The conveyancing fees for a leasehold property in Aston Clinton is often higher as compared to a freehold property. This is due to the supplemental work necessary in liaising with the landlord and management company to collate the information about whether the rent and service fee have been paid and whether there are any significant expenditure in the foreseeable future on repairs or maintenance of the building.
We are downsizing from our property in Aston Clinton and according to the buyers it appears that there is a risk of it being built on contaminated land. Any local conveyancer would know that there is no such problem. For the life of me I don't know why the buyers used a factory type conveyancing practice as opposed to a conveyancing solicitor in Aston Clinton. Having lived in Aston Clinton for 5 years we know of no issue. Is it a good idea to get in touch with our local Authority to seek confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing firm currently acting for you. Are they able to advise? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
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We have instructed a Aston Clinton conveyancing solicitor for our house purchase (FTB’s) and have picked up in the engagement letter that they are not overseen by the Financial Conduct Authority. Should I be concerned or is that standard with conveyancing practitioner?
We can't see why they should be. Most conveyancing practitioner don't lend money. You should check that they are regulated by the SRA, who have specific conditions regulating funds deposited in their bank.