I can't travel far from Hyde Park. Is there a reason why all Hyde Park conveyancing practitioners aren't automatically on all lender panels?
Before the recession most banks demonstrated an approach to risk which differs from the current day. The Financial Services Authority in 2010 instigated a thematic review into fraud which in summary warned lenders: know the lawyers on your panel. Consequently, banks have subsequently looked to extract more data from law firms concerning their operations and the individuals who work for them and set certain criteria such as completing a minimum amount of transactions. Hundreds of law practices have found themselves removed from lender panels even though they had an exemplary disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms were never going to meet the criteria of volume of transactions the lenders set.
It is is a decade since I bought my property in Hyde Park. Conveyancing solicitors have now been retained on the sale but I can't locate my title documents. Will this jeopardise the sale?
Don’t worry too much. First there is a possibility that the deeds will be kept by your lender or they may be archived with the lawyers who oversaw the purchase. Secondly in all probability the land will be registered at the land registry and you will be able to establish that you own the property by your conveyancing solicitors procuring up to date copy of the land registers. Most conveyancing in Hyde Park relates to registered property but in the unlikely event that your property is unregistered it is more problematic but is not insurmountable.
Various online forums that I have frequented warn that are the number one reason for stalling in Hyde Park conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released conclusions of a review by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of hindrances during the legal transfer of property. Searches are unlikely to be the root cause of slowing down conveyancing in Hyde Park.
It has been 4 months following my purchase conveyancing in Hyde Park took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. 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 purchasing my first flat in Hyde Park benefiting from help to buy. The developers would not move on the amount so I negotiated £7000 of additionals instead. The sale representative told me not reveal to my conveyancer about this extras as it will affect my loan with the bank. Do I keep my lawyer in the dark?.
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.
We have recently had a bid accepted on our 1st home in Hyde Park, and are about to get solicitors instructed. I have utilised the different rating tools and the quotes are from all over the England and Wales. Is it advisable to have a Hyde Park solicitor local to our potential property? We are willing to do everything over the web, but I am thinking at some point we may be required to attend the conveyancer's office to sign papers?
Usually there is no need to attend the office of your lawyer, they can post any relevant papers to you, which you can sign and return. Many home movers prefer to instruct a locally based solicitor, but it is not a prerequisite for conveyancing in Hyde Park.