We wanted to use a property lawyer in Bampton for our home move. Our financial adviser informed us that our mortgage company HSBC Bank won't deal with them. Why is this not regarded as unfair competition?
A decade ago most banks had a different appetite for risk. Almost all Bampton conveyancing firms would have been on most mortgage company panels. The financial services regulator in 2010 completed a thematic review into mortgage fraud which concluded: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more data from law firms relating to their operations and their employees as well as set certain criteria such a completing on a minimum number of transactions. Many Bampton 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. Bampton is amongst the many areas where the lawyers showing on our search results are are approved HSBC Bank.
My bid for a property was accepted at auction in Bampton. Conveyancing is needed. What happens now?
Now that you have legally committed yourself to purchase you now have to instruct a conveyancing practitioner as a matter of urgency as you are faced with a tight a drop dead date to complete the deal. All auction property will ordinarily have an associated legal pack. This will include evidence of title and search results. If you have purchased leasehold property the conveyancing pack may contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation relating to a leasehold property. You need to give this to the conveyancer working for you at the earliest opportunity. You also need to ensure that your finances are in order to complete on the date specified in the contract.
My conveyancer has informed me that defective lease insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Bampton?
The right level of defective lease indemnity insurance should be dictated by who who your lender is. It would differ for example between National Westminster Bank and Leeds Building Society. Conveyancing practitioners as opposed to members of the public take out such policies.
I have a mortgage with HSBC for my property in Bampton. Conveyancing has been completed months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform HSBC?
Your original mortgage agreement with HSBC will provide that you need their approval before letting out your property as this is likely to be a breach of HSBC’s mortgage conditions. In many cases banks or building societies will allow you to rent 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 HSBC directly. It should not be necessary to do this via a HSBC conveyancing panel solicitor.
3 months have elapsed since my purchase conveyancing in Bampton completed. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £160,000. 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 purchasing my first flat in Bampton with a loan from The Royal Bank of Scotland. The sellers would not reduce the amount so I negotiated 6k of additionals instead. The estate agent told me not reveal to my solicitor about this extras as it will affect my loan with The Royal Bank of Scotland. Should I keep quiet?.
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 issue on a property I put an offer in a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Bampton is where the house is located. Is there any guidance you can give?
Flying freeholds in Bampton are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Bampton you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bampton may determine 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 residence.
We are about to complete on the purchase a house in Bampton but as a consequence of damage from the recent storms I have agreed recompense from the vendor of £3k by way of a adjustment in the price. This was going to be addressed as part of the conveyancing process but my mortgage company will not agree to this. Why were they informed?
The property lawyer listed on a lender conveyancing panel is required to inform the mortgage company of any amendments to the sale amount. If you did not allow your conveyancing practitioner to report the price change to your lender then they would need to disinstructing themselves from representing you and the bank.