We are buying a house and require a conveyancing solicitor in Bourne who is on the Nottingham conveyancing panel. Can you recommend a local firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Nottingham . We don't recommend any particular firms conducting conveyancing in Bourne.
I happen to be the sole beneficiary of my late grandmother’s estate with all property in now in my sole name, including the house in Bourne. Conveyancing formalities meant that the Land Registry date was in August. I plan to dispose of the house. I do know about the Mortgage Lenders six month 'rule', meaning my property ownership will be regarded the same way as though I had purchased the property in August. Will no one buy the property for half a year?
The CML handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. How practical a view mortgage companies take of it, depend on the mortgage company as this obligation primarily exists to capture the purchase and immediately sell or the flipping of property.
I had a mortgage agreed in principle with Principality. Bourne conveyancing solicitors were appointed. How long does it take for Principality to issue the offer to the conveyancer?
Some lenders take longer than others. Have Principality completed the valuation? Have you advised Principality as to your lawyers' details and checked that your lawyers are on the Principality conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I had an offer accepted on a house in Bourne on 28/7/2020, valuation was booked 4 days later, all came back fine. Solicitor retained, so the only thing outstanding was my mortgage offer. Having made daily calls to Lloyds and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Lloyds conveyancing panel. Are Lloyds entitled to hold back the Mortgage pending the lawyer being on the approved list?
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Lloyds to deal with your lawyer's application to be on the Lloyds conveyancing panel. There's no guarantee that your solicitor will be accepted.
My friend suggested that if I am purchasing in Bourne I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally quoted for as part of the standard Bourne conveyancing searches. It is not a small report of about 40 pages, listing and setting out important information about Bourne around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with maps and statistics, Local Amenities and other useful data concerning Bourne.
It has been three months following my purchase conveyancing in Bourne concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. 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 residence 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'm purchasing a new build house in Bourne benefiting from help to buy. The developers refused to budge the price so I negotiated 6k of extras instead. The property agent suggested that I not to tell my lawyer about the side-deal as it may put at risk my loan with Lloyds TSB 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.
Our solicitor in Bourne has discovered a a legal deficiency with the lease for the apartment we are purchasing in Bourne. The other side have offered title insurance as a solution. We are content with insurance and will pay for it. Our solicitor has advised that as he is on the lender conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. A precondition to being on the bank approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.