We wanted to use a conveyancing solicitor in Bampton for our house move. Our financial adviser has since advised us that our mortgage lenders HSBC Bank won't deal with them. Surely this is unfair competition?
Mortgage Companies ordinarily restrict either the type or the volume of conveyancing firms on their approved list of lawyers. Typical examples of such criteria being that a law practice must have two or more partners. As well as restricting the profile of firm, some have decided to limit the amount of solicitor practices they permit to act for them. You should note that HSBC Bank have no responsibility for the quality of advice provided by any member of HSBC Bank Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of solicitor panels since 2008 even though there are mixed views about the level of solicitor engagement in some of that fraud. Data from the Land Registry indicate that thousands of law firms, including some in or near Bampton only conduct very few conveyances a year.
Have just purchased a probate house at auction in Bampton. Conveyancing is necessary. What is next?
Now that you are exchanged you will need to choose a conveyancing solicitor quickly as you now have a pending a drop dead date to complete the transaction. An auction property will have a bespoke legal pack. This will include evidence of title and search results. In the case of leasehold property the legal pack should include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork relating to leasehold premises. You need to give this to the solicitor instructed by you ASAP. You also need to ensure that that you have the requisite funding in place to complete the transaction on the set completion date.
My conveyancer has informed me that flying freehold insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Bampton?
The right level of flying freehold indemnity insurance should be dictated by who who your lender is. It would differ for example between Yorkshire Building Society and Bank of Scotland. Conveyancing practitioners as opposed to members of the public take out such insurances.
I currently have a mortgage with RBS for my property in Bampton. Conveyancing was finalised 12 months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform RBS?
Your original mortgage agreement with RBS will provide that you need their approval before letting out your property as this is likely to be a breach of RBS’s mortgage conditions. It may be that RBS will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact RBS directly. It should not be necessary to do this via a RBS conveyancing panel solicitor.
It has been five months following my purchase conveyancing in Bampton took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £180,000. 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 premises 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.
I am buying my first flat in Bampton benefiting from help to buy. The developers would not move on the price so I negotiated 6k of additionals instead. The property agent suggested that I not inform my lawyer about this extras as it will jeopardize my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a straight forward, no chain conveyancing. Bampton is the location of the property. Is there any advice you can impart?
Flying freeholds in Bampton are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bampton you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bampton may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I am expecting to exchange buying a property in Bampton but as a consequence of damage from the recent storms I have negotiated recompense from the vendor of £3k in the form of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company will not agree to this. Why were they approached?
The solicitor being on the lender approved list is obliged to inform the lender of any amendments to the sale price. In the event that you prohibit your solicitor to disclose the price change to your lender then they would need to disinstructing themselves from acting for you and the bank.