Me and my partner are hoping to buy a 1 bedroom apartment in Old Oak Common with a mortgage. We like our Old Oak Common solicitor, however the bank says she’s not on their "panel". It seems we have little option but to instruct one of the lender panel solicitors or continue with our Old Oak Common lawyer and pay for one of their panel ones to represent them. We feel that this is inequitable; can we not require that the lender use our Old Oak Common lawyer ?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Old Oak Common conveyancing lawyer to apply to be on the conveyancing panel.
The Old Oak Common conveyancing firm handling our Old Oak Common conveyancing has discovered a discrepancy when comparing the information in the home valuation survey and what is revealed within the legal papers for the property. My lawyer says that he needs to check that the lender is OK with this discrepancy and is still content to lend. Is my solicitor’s stance legitimate?
Your solicitor must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I have been told that property searches are the primary reason for obstruction in Old Oak Common conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not figure within the most frequent causes of delays in the conveyancing process. Searches are not likely to feature in any delay in conveyancing in Old Oak Common.
It has been three months since my purchase conveyancing in Old Oak Common took place. I have checked the Land Registry website which shows that I paid £200,000 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 property 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'm purchasing my first flat in Old Oak Common benefiting from help to buy. The sellers would not budge the price so I negotiated five thousand pounds worth of extras instead. The estate agent advised me not disclose to my lawyer about the deal as it would impact 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.
How does the Landlord & Tenant Act 1954 impact my business offices in Old Oak Common and how can your lawyers assist?
The particular law that you refer to provides a safeguard to business tenants, granting the right to make a request to court for a continuation of occupancy when the lease reaches an end. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Old Oak Common is one of our numerous locations in which the firms we work with are located