I am getting a offer of a home loan from Lloyds. I would like to use a Licensed Conveyancer in Rayleigh. Does the Lloyds Conveyancing panel exclude Licensed Conveyancers?
The Lloyds conveyancing panel is, like many other lenders, associated to the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the CLC.
My wife and I are purchasing a newly constructed duplex in Rayleigh and my lawyer is telling me that she has to the mortgage company to reveal incentives from the developer. The Estate Agents are hassling me to exchange contracts and I would rather not delay the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
It is is a decade since I purchased my property in Rayleigh. Conveyancing solicitors have now been retained on the sale but I can't find the deeds. Is this a problem?
Don’t worry too much. First there is a possibility that the deeds will be retained by your mortgage company or they could stored with the lawyers who acted in the purchase. Secondly the likelihood is that the title will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing lawyers procuring up to date copy of the land registers. Most conveyancing in Rayleigh relates to registered property but in the rare situation where your property is not registered it is more of a problem but is not insurmountable.
Will our lawyer be raising questions concerning flooding during the conveyancing in Rayleigh.
Flooding is a growing risk for solicitors dealing with homes in Rayleigh. There are those who acquire a property in Rayleigh, fully expectant that at some time, it may be flooded. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Solicitors are not qualified to offer advice on flood risk, but there are a various searches that can be undertaken by the purchaser or on a buyer’s behalf which should figure out the risks in Rayleigh. The conventional set of completed inquiry forms supplied to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the seller to discover if the premises has suffered from flooding. In the event that the premises has been flooded in past and is not notified by the seller, then a buyer may issue a legal claim for losses as a result of such an misleading answer. The purchaser’s lawyers will also carry out an enviro report. This will reveal if there is a recorded flood risk. If so, additional investigations should be conducted.
It has been five months following my purchase conveyancing in Rayleigh concluded. I have checked the Land Registry site which shows that I paid £150,000 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 residence 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 am buying a new build house in Rayleigh benefiting from help to buy. The builders would not move on the amount so I negotiated £7000 of additionals instead. The sale representative advised me not disclose to my solicitor about this extras as it could put at risk my mortgage with the lender. 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.