How up to date is your search tool for East London conveyancing solicitors on the Bank of Ireland conveyancing panel? Do Bank of Ireland send you an updated list?
East London conveyancing firms themselves provide us confirmation that they are on the Bank of Ireland conveyancing panel as opposed to being supplied with a list from Bank of Ireland directly.
I happen to be the single beneficiary of my late grandmother’s estate and I have everything in my name now, including the my former home in East London. Conveyancing formalities meant that the Land Registry date was in February. I plan to dispose of the property. I understand that there is a CML six month 'rule', meaning my proprietorship may be regarded the same way as if I'd bought the house in February. Will no one buy the property for half a year?
The CML handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be caught by that. How sensible a view lenders take of it, depend on the mortgage company as this requirement is primarily there to capture the purchase and immediately sell or the wholesaling and assigning of properties.
When it comes to lenders such as UBS, do East London conveyancers face a yearly amount to be on the conveyancing panel?
We are not aware of any lender fees to register on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
I have instructed a East London lawyer having made sure that they are on the Principality conveyancing panel. Does my lawyer arrange the survey of the property?
Principality will need an independent valuation of the property. Your lawyer will not arrange this. Usually Principality will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your East London postcode. As you are getting a mortgage with Principality, you could contact them to see if they have a list of approved surveyors in East London.
I have been told that property searches are the main reason for hinderance in East London conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not figure within the top 10 causes of delays during the legal transfer of property. Local searches are not likely to be the root cause of delay in conveyancing in East London.
I am purchasing my first flat in East London with a loan from Virgin Money. The sellers would not move on the price so I negotiated 6k of fixtures and fittings instead. The sale representative advised me not disclose to my solicitor about this side-deal as it may affect 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 do I use the search facility to choose a conveyancing lawyer in East London on the panel for my lender?
First select a lender such as Barclays , Virgin Money or Clydesdale then choose your preferred area a common one being East London. Conveyancing organisations in East London and further afield will then be identified.
I'm selling a apartment in East London. I have found my conveyancer's company on the CLC list, but I can't see my lawyer's name as listed on the regulator's website. Should I be concerned?
Not all staff in the law firm must be listed by the regulator. Provided there is someone qualified to 'oversee' the transaction, the actual day-to-day activity can be undertaken by unqualified staff.