Unfortunately I am unable to travel far from Buckden. I would like to know the reason why all Buckden solicitors are not on all mortgage company panels?
Pre- 2008 most lenders exhibited an approach to risk which differs from the current day. The Financial Services Authority in 2010 carried out a thematic review into fraud which in summary warned lenders: know the conveyancers on your panel. Consequently, banks have since requiredmore data from law firms regarding their processes and the individuals who work for them and set certain criteria such as completing a minimum volume of transactions. Thousands of law practices have found themselves excluded from lender panels even though they had an exemplary track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms found it impossible meet the criteria of volume of transactions the lenders required.
We are selling our flat in Buckden. Will my conveyancer need to be required to be on the Yorkshire BS conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Yorkshire BS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently in recent years.
Various internet forums that I have visited warn that are the main cause of hinderance in Buckden conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) released conclusions of a review by MoveWithUs that conveyancing searches do not feature within the most frequent causes of hindrances in the conveyancing process. Searches are not likely to feature in any delay in conveyancing in Buckden.
My wife and I purchased a renovated Victorian house in Buckden. Conveyancing solicitor represented me and Birmingham Midshires. I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, the second leasehold under the exact same address. If a house is not a freehold shouldn't I have been informed?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Buckden and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the situation with the conveyancing practitioner who conducted the conveyancing.
I'm buying a new build house in Buckden with a mortgage from Lloyds TSB Bank. The builders would not budge the price so I negotiated 6k of additionals instead. The sale representative advised me not to tell my lawyer about this deal as it would impact my mortgage with Lloyds TSB Bank. Should I keep quiet?.
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.
I opted to have a survey done on a house in Buckden ahead of retaining lawyers. I have been told that there is a flying freehold overhang to the house. The surveyor advised that some mortgage companies may not give a loan on such a home.
It depends who your proposed lender is. HSBC has different instructions from Halifax. Should you wish to telephone us we can check with the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Buckden. Conveyancing may be slightly more expensive based on your lender's requirements.