My fiance and I are hoping to acquire a flat in Pewsey and are in fact using a Pewsey conveyancing practice. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Bank of Ireland have this evening contacted us to advise us that there is now an issue as our Pewsey solicitor is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' lawyers 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 solicitor should contact your bank 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Pewsey lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
My wife and I are only a couple days away from an exchange on a flat in Pewsey and my mum and dad have transferred the ten percent deposit to my conveyancer. I am now informed that as the deposit has not come from me my property lawyer needs to disclose this to my lender. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the mortgage company concerning my parents' contribution when I applied for the home loan, so is it really appropriate for this now to delay the deal?
Your conveyancing practitioner is duty bound to clarify with lender to ensure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only disclose this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
I am buying a new build house in Pewsey with a loan from Barclays Direct. The builders would not reduce the price so I negotiated 6k of extras instead. The property agent suggested that I not inform my conveyancer about the side-deal as it will adversely affect my loan 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 am looking for a leasehold apartment up to £235,500 and found one near me in Pewsey I like with a park and transport links in the vicinity, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in Pewsey for this price, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a mortgage that many years will be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you can ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
I am looking for a conveyancing lawyer in Pewsey for my purchase. Is it possible to review a solicitor's record with the legal regulator?
Members of the public can see published Solicitor Regulator Association (SRA) determinations resulting from inquisitions commenced on or after Jan 2008. Go to Check a solicitor's record. To find records Pre 2008, or to check a firm's record, call 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, use +44 (0)121 329 6800. The regulator may recorded call for training reasons.
What advice do you have for searching for commercial conveyancing in Pewsey?
Option 1 is to ask your friends and family who they would recommend. Second, search the internet for conveyancing in Pewsey. Phone two or three from the list and request that they send you their conveyancing charges and discuss your needs with the solicitor who will conduct your conveyancing before you make your decision. Option 3 is to use this site to help you find the right solicitors taking into account your unique requirements including location,speed, complexity and who the proposed lender is.Avoid the trap of appointing lowest cost conveyancing solicitors in Pewsey