My wife and I are planning to purchase a house in Hednesford and are in fact using a Hednesford conveyancing practice. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through with a view to exchanging next week. Nottingham Building Society have this afternoon contacted us to inform me that they have now hit a problem as our Hednesford solicitor is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is normal for the purchasers' solicitors to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Hednesford solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
We are buying a house in Hednesford. I might seem paranoid but how we can trust a lawyer? At some point we will need to put our life savings into their account. What is the protection we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
When it comes to lenders such as Lloyds, do Hednesford conveyancing practitioners have to pay a yearly amount to be on the list of approved solicitors?
We are not aware of any lender fees to be on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
TSB have agreed my mortgage in principle, my bid on a flat in Hednesford has been accepted, what happens next?
Your property agent will need to know who your solicitors are (be sure the lawyers are on the lender’s approved list). Contact TSB or the financial adviser and finish off any relevant documentation. TSB will appoint a valuer who will get in touch with the estate agent or owners to arrange a time for the valuation to take place. Once conducted (assuming no problems) it takes approximately ten days to get a mortgage offer. TSB will send the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Hednesford.
Just bought a semi-detached house in Hednesford , What is the estimated time for the Land Registry to register my title? My Hednesford conveyancing solicitor has been very slow, so I want to check the land registry aspects are addressed.
There is nothing unique when it comes to conveyancing in Hednesford registration formalities. Rather than based on location, timeframes can differ depending on who lodges the application, whether it is in order and if the Land registry must send notices to any 3rd persons or bodies. Currently in the region of three quarters of such applications are completed in less than three weeks but occasionally there can be extensive delays. Historically registration is effected once the new owner is living at the premises thus 'speed' is not always top priority yet where there is a degree of urgency associated with the registration then you or your lawyers could contact the land registry and explain the circumstances.
I'm purchasing a new build house in Hednesford with a mortgage from Britannia. The builders would not move on the amount so I negotiated 6k of additionals instead. The estate agent suggested that I not reveal to my lawyer about this deal as it could put at risk my mortgage with the lender. Should I keep quiet?.
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've recently found out that there is a flying freehold element on a house I put an offer in last month in what should have been a quick, chain free conveyancing. Hednesford is where the house is located. Can you shed any light on this issue?
Flying freeholds in Hednesford are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Hednesford you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hednesford may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I'm remortgaging my current property to a BTL mortgage with National Westminster Bank and I will use the ballance of the raised equity as a deposit on further house. The location we are interested in is Hednesford. Will your lawyers be able to act for both sets of mortgage companies and tie in the transactions?
Make use of our search tool on this site to be sure that the conveyancers are on the appropriate lender panels. Assuming that they are the lawyer should be able to tie up the two conveyancing matters but you should have a chat with you conveyancer and make clear your expectations and requirements.