Am I correct in assuming that the fact that my conveyancer in Mudeford is not identified on my mortgage company's solicitor panel that there is a problem with the quality of her conveyancing?
That would most likely be a wrong assumption to make. There are plenty of reasonable explanations. A recent report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Where you are concerned you should contact the Mudeford conveyancing firm and ask them why they are no longer on the approved list for your lender.
We are acquiring our first home. Our solicitor has messagedto ask if we wish to order additional conveyancing searches. Frankly we in the dark as to what's recommended for conveyancing in Mudeford
The quantity and type of Mudeford conveyancing searches should be triggered based entirely on the property, the location, the likelihood of any of these risks, your knowledge of the area and risks, your general attitude to risk. What is important is that you adequately understand what information each search could supply. You may then make a decision if you consider that you need that search. Should you be in doubt, ask your lawyer to explain.
The Mudeford conveyancing firm that I recently instructed on my house acquisition in Mudeford have without warning closed. They were on acting for me because I had to have a firm on the Lloyds conveyancing panel and my preferred Mudeford lawyer was not. I gave my credit card details for them to take £195 for searches. What are my options?
Assuming that you have an Estate Agent in the equation then let them know straight away so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Lloyds conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to help.
I am buying my first flat in Mudeford with a loan from Lloyds TSB Bank. The developers refused to reduce the price so I negotiated 6k of fixtures and fittings instead. The property agent advised me not reveal to my solicitor about this deal as it may adversely affect my loan with Lloyds TSB 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 am looking for a leasehold apartment up to £305k and found one close by in Mudeford I like with amenity areas and transport links nearby, the downside is that it's only got 49 years on the lease. There is not much else in Mudeford for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a home loan the remaining unexpired lease term may be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
My husband and I are selling a Mudeford apartment left to us seven years ago in 2010. I have over a decades worth of conveyancing knowledge and, although retired, wish to carry out the conveyancing. The buyer's conveyancing practitioner has informed me that their Lenders will not allow us to do our own conveyancing requiring the funds to be sent to a solicitor's bank account.
Lending requirements to conveyancers from all CML members specify that If the vendor is not legally represented the buyer’s lawyers should check whether the mortgage company needs to be notified so that a decision can be made as to whether they are willing to progress.