We are about to exchange buying a property in Shoreditch but as a result of damage from some water damage at the property I have managed to agree compensation from the owner of six thousand pounds by way of a adjustment in the price. I had intended this to be addressed as part of amending the contract yet Coventry BS are not allowing this. Why were they involved?
Any conveyancing practitioner that is on a Coventry BS conveyancing panel is duty bound to inform Coventry BS of any changes to the sale price. If you were to refuse your lawyer to report the price change to Coventry BS then they would have to discontinue acting for you. In addition, Coventry BS and you would have to appoint a new solicitor for your conveyancing in Shoreditch.
As someone clueless as to the Shoreditch conveyancing process what’s the number one tip you can impart for the legal transfer of property in Shoreditch
Not many law firms or advisers will tell you this but conveyancing in Shoreditch and elsewhere in London is often a confrontational process. In other words, when it comes to conveyancing there exists plenty of room for confrontation between you and other parties involved in the legal transfer of property. E.g., the seller, estate agent and sometimes a bank. Choosing a lawyer for your conveyancing in Shoreditch is a critical decision as your conveyancer is your adviser, and is the SOLE party in the process whose role it is to look after your legal interests and to keep you safe.
On occasion a third party with a vested interest may try and persuade you that you should follow their advice. For instance, the selling agent may claim to be assisting by claiming that your conveyancer is dragging his heels. Or your mortgage broker may try to convince you to do something that is contrary to your lawyers guidance. You should always trust your lawyer above all other parties in the conveyancing process.
My wife and I are buying a apartment in Shoreditch. It might be a silly question but how we can trust a conveyancer? At some point we will need to put our life savings into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Two weeks ago we had a mortgage agreed in principle with TSB. Shoreditch conveyancing practitioners were appointed. What is the average time that one could expect to receive a mortgage offer from TSB?
Some lenders take longer than others. Have TSB done the survey? Have you informed TSB as to your lawyers' details and checked that your lawyers are on the TSB conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I recently had an offer accepted on an apartment in Shoreditch. My mortgage broker pressured me to appoint their conveyancing practitioner. I paid an on account payment of £225. A couple of days later, the conveyancing practitioner contacted me sheepishly admitting that they were not on the RBS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the RBS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I am buying a new build house in Shoreditch with a loan from Barclays Direct. The developers refused to move on the price so I negotiated £7000 of extras instead. The house builders rep told me not to tell my lawyer about this extras as it may impact my mortgage with the lender. Should I keep quiet?.
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 property I put an offer in a fortnight ago in what should have been a straight forward, no chain conveyancing. Shoreditch is the location of the property. Is there any advice you can give?
Flying freeholds in Shoreditch are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Shoreditch you would need to get your solicitor to go 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 Shoreditch may ascertain 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.
My brother has recommend that I use his conveyancing solicitors in Shoreditch. Do I follow his guidance?
No doubt the ideal way to choose a conveyancing practitioner is to have guidance from friends or family who have actually used the conveyancer you're contemplating using.