Unfortunately I am unable to travel far from Brighstone. I would like to know the logic why all Brighstone property lawyers aren't automatically on all lender panels?
Pre- 2008 most banks exhibited an attitude to risk which differs from the current day. The Financial Services Authority in 2010 conducted a thematic review into fraud which in summary warned lenders: know the property lawyers on your panel. Accordingly, mortgage companies have subsequently requiredmore information from law firms about their processes and the individuals who work for them and set certain criteria such as completing a minimum number of transactions. Hundreds of firms have been excluded from lender panels even though they had an exemplary track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms found it impossible meet the minimum amount of transactions the lenders set.
The owners of the property we are purchasing hired a conveyancing practitioner in Brighstone who has suggested a preliminary contract with a non-refundable deposit 6,000. Are such arrangements generally advanced for Brighstone conveyancing transactions?
This kind of agreement is not the norm in Brighstone, conveyancers will often encourage clients away from them as they divert attention from the main conveyancing focus and if you end up having your deposit forfeited then the lawyer at best left with an upset client and at worst a litigious one. Furthermore, there is no certainty that just because the owner has entered into a lock out contract they will complete the sale with you. They may be in contravention of the agreement if they receive a large enough offer to do so because a wronged claimant with the benefit of a exclusivity agreement will still have to show losses as a consequence of the breach and these may not compare to the extra amount that the owner may gain by reneging on the contract, no matter how morally shameful it undoubtedly is.
Do lenders provide you with an approved list of Brighstone conveyancing solicitors? How do you know who is on the Lloyds conveyancing panel?
Brighstone conveyancing firms themselves provide us confirmation that they are on the Lloyds conveyancing panel as opposed to being supplied with a list from Lloyds directly.
Should my conveyancer be asking questions regarding flooding as part of the conveyancing in Brighstone.
The risk of flooding is if increasing concern for solicitors conducting conveyancing in Brighstone. There are those who purchase a property in Brighstone, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Solicitors are not best placed to impart advice on flood risk, but there are a number of searches that can be carried out by the buyer or on a buyer’s behalf which can give them a better appreciation of the risks in Brighstone. The conventional set of property information forms supplied to a buyer’s solicitor (where the Conveyancing Protocol is adopted) contains a standard inquiry of the seller to discover if the premises has historically flooded. In the event that flooding has previously occurred which is not revealed by the vendor, then a purchaser could commence a compensation claim resulting from an misleading reply. The purchaser’s conveyancers may also conduct an enviro search. This will higlight whether there is any known flood risk. If so, further investigations should be initiated.
I am purchasing a new build house in Brighstone benefiting from help to buy. The developers refused to move on the price so I negotiated £7000 of extras instead. The estate agent told me not disclose to my lawyer about the extras as it would impact my loan with the lender. 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.
How much experience do your Brighstone conveyancing solicitors have with Help To Buy, Shared Equity and similar schemes?
Brighstone conveyancing lawyers help thousands of people move home every year and supported plenty of clients through the Help To Buy scheme. The chances are that whatever makes your case unique Brighstone conveyancers have worked on recent similar matters.