I am hoping to receive a offer of a home loan from Nat West. My intention is to enlist the help of a Licensed Conveyancer in Piccadilly. Does the Nat West Conveyancing panel include Licensed Conveyancers?
The Nat West approved solicitor list is, like many other lenders, associated to the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
Can conveyancing in Piccadilly to be done in 28 days?
First, If the seller is applying a tight deadline for your conveyancing it is advisable to make sure that your lawyer is familiar with the location as they will make use of local connections and know-how. It is possible that they would have conducted otherproperties in the same street. Therefore consider using a Piccadilly conveyancing solicitor. Second, check that the lawyer is on the on the approved list for your mortgage company. It is believed that just under twenty per cent of Piccadilly conveyancing deals are held up or jeopardised after finding out that a purchaser’s solicitor was not on their mortgage lender’s panel. In many cases this discovery resulted in the legal process being held up by almost three weeks. It is estimated that this issue affects in the region of one hundred thousand home moves annually. Almost all Piccadilly conveyancing practices can not act for certain mortgage companies so do check as early as possible.
As someone clueless as to conveyancing in Piccadilly what’s the number one tip you can impart for the ownership transfer in Piccadilly
You may not hear this from too many lawyers but conveyancing in Piccadilly and elsewhere in London is an adversarial experience. Put another way, when it comes to conveyancing there is plenty of room for friction between you and other parties involved in the ownership transfer. For example, the vendor, property agent and on occasion the bank. Selecting a law firm for your conveyancing in Piccadilly should not be taken lightly as your conveyancer is your adviser, and is the SOLE person in the process whose interest is to look after your best interests and to protect you.
On occasion a third party with a vested interest will attempt to sway you that it is in your interests to do things their way. As an example, the selling agent may claim to be assisting by claiming that your solicitor is dragging his heels. Or your mortgage broker may advise you to do take action that is against your solicitors recommendation. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
It has been three months following my purchase conveyancing in Piccadilly completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £160,000. 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 asset 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 buying my first flat in Piccadilly with a loan from Lloyds TSB Bank. The sellers would not move on the amount so I negotiated £7000 of additionals instead. The house builders rep suggested that I not to tell my solicitor about the side-deal as it may impact my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on last month in what was supposed to be a simple, chain free conveyancing. Piccadilly is the location of the property. What do you suggest?
Flying freeholds in Piccadilly are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Piccadilly you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Piccadilly may determine 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 premises.