I am not in a position to travel far from Plumstead. Please spell out why all Plumstead property lawyers aren't automatically on all mortgage company panels?
Mortgage Companies normally impose restrictions on either the type or volume of conveyancing solicitors on their approved list of lawyers. Typical examples of such restriction(s) being that a organisation is required to have two or more partners. In addition to restricting the nature of firm, some banks for instance HSBC decided to limit the number of conveyancers they allow to represent them. You should note that mortgage companies have no responsibility for the accuracy of advice supplied by any Plumstead lawyer on their approved list. Property fraud was the key driver in the rationalisation of solicitor panels in the last decade even though there are conflicting views about whether solicitors sat at the center of that fraud. Statistics via HMLR indicates that thousands of law firms only transact a couple of conveyances annually. Those advocating conveyancing panel culls ask why conveyancing firms deserve any entitlement to be listed on a lender panel when it is evident that property law is not their speciality?
My partner and I intend to remortgage our maisonette in Plumstead with Virgin Money. We have a son 19 who lives at home. Our solicitor requested us to identify any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the apartment is forfeited by the lender. I have a couple of questions (1) Is this document specific to the Virgin Money conveyancing panel as he did not need to sign this form when we purchased 3 years ago (2) Does our son by signing this compromise his rights to inherit the property?
First, rest assured that your Virgin Money conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Virgin Money. This is solely used to protect Virgin Money if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Virgin Money had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
At what point can the exchange of contracts take place for domestic conveyancing in Plumstead and do I need to attend the conveyancers branch?
If you are local to one of the conveyancing solicitors in Plumstead you are welcome to attend to sign the paperwork. However, the law practices we recommend supply a nationwide conveyancing service and give as equally diligent and professional a job for you when communicating with you digitally. The signing of the contract is not the point of no return. Signing on the dotted line simply enables the solicitor to officially exchange when the time is right, which will usually be very shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Plumstead)to be in the office available at the end of the phone to exchange contracts.
This question may be naive but I am new to the process as a 1st time buyer of a ground floor flat in Plumstead. Do I receive the keys to the premises on completion from my conveyancer? If this is the case, I will use a High Street conveyancing solicitor in Plumstead?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will transfer the completion advance to the vendor’s conveyancers, and once they have received this, you will be called to pick up the keys from the Estate Agents and move into your new home. This tends to happen early afternoon.
We were going to get a DIP from Leeds Building Society this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Leeds Building Society recommend any Plumstead solicitors on the Leeds Building Society conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Plumstead solicitors independently although you'll need to choose one on the Leeds Building Society conveyancing panel. The solicitor represents both you and Leeds Building Society through the process.
Intending to buy a maisonette in Plumstead. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Virgin Money conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Plumstead conveyancing practitioner is on the Virgin Money conveyancing panel.
I am buying a new build house in Plumstead with a mortgage from Birmingham Midshires. The builders refused to move on the price so I negotiated 6k of fixtures and fittings instead. The property agent advised me not disclose to my lawyer about this side-deal as it could put at risk my mortgage with the bank. Do I keep my lawyer in the dark?.
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.
My husband and I are 3 weeks into a leasehold purchase having been recommend to conveyancers by the estate agent to do our conveyancing in Plumstead. We are not happy. Could you help me find new lawyers?
They would have to be really bad in order to consider diss instructing them. Has your mortgage been sent? If so you will need to advise them of the new lawyer and have the offer are issued to the new lawyers. Your conveyancer needs to be on the banks approved list to avoid added expenses and delays. That should be your starting point. Our search tool can help you find a bank approved conveyancer for your conveyancing in Plumstead