What is the first thing I need to know about purchase conveyancing in Burnt Oak?
You may not hear this from too many lawyers but conveyancing in Burnt Oak or throughout North London is often a confrontational experience. In other words, when it comes to conveyancing there is lots of room for friction between you and other parties involved in the transaction. E.g., the seller, property agent and on occasion your lender. Selecting a solicitor for your conveyancing in Burnt Oak is a critical decision as your conveyancer is your adviser, and is the ONLY party in the legal process whose role it is to look after your legal interests and to keep you safe.
On occasion a third party with a vested interest will try and sway you that you should follow their advice. As an example, the property agent may claim to be helping by suggesting your conveyancer is dragging his heels. Or your mortgage broker may try to convince you to do something that is contrary to your conveyancers recommendation. You should always trust your lawyer above all other parties in the home moving process.
We had instructed conveyancing lawyers based in Burnt Oak on the Santander solicitor approved list. They have just invoiced me an additional sum for the legal aspects of the Santander mortgage. Is this a supplemental conveyancing fee set by Santander?
Unfortunately, as long as it is in their Terms of Engagement or Quote then yes your solicitor may charge a fee for this. This charge is not dictated by Santander but by your Burnt Oak conveyancing practitioner. Numerous firms on the Santander panel will quote an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
Can I be sure that the Burnt Oak conveyancing solicitor on the Leeds Building Society panel is any good?
When it comes to conveyancing in Burnt Oak getting recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the lawyer conducting your conveyancing.
The formalities of my remortgage has taken place for my property in Burnt Oak. Conveyancing was of an acceptable standard but I would like to complain about the lender. Who do I contact should I wish to lodge a complaint?
Almost all lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. In most cases complaints to a lender are resolved very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
It has been four months since my purchase conveyancing in Burnt Oak concluded. 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 Burnt Oak with a loan from Barnsley Building Society. The developers would not budge the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep advised me not to tell my solicitor about this extras as it would affect my mortgage with the bank. 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 have been pointed in your direction by a few property agents in Burnt Oak to choose a conveyancer on your site. What’s the financial advantage for Estate Agents to promote your site ahead of a competitor’s?
We don’t offer any referral fee for directing people our way. We found it would be just too difficult to pay a commission because home movers will think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
What is the distinction between surveying and conveyancing in Burnt Oak?
Conveyancing - in Burnt Oak or elsewhere - is the process of legally transferring legal title of property from one person to another. It therefore includes the checking of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you’re intending to buy and will help you find out about the condition of the building and, if there are problems, give you a powerful reason for negotiating the buying price down or asking the seller to fix the defects before you complete your move.