Me and my fiance are buying a 3 bedroom flat in St Neots with a mortgage. We would like to retain our St Neots lawyer, but the mortgage company advise he's not on their "panel". We have to appoint one of the lender panel solicitors or keep our St Neots conveyancer and pay for one of their panel firms to represent them. This seems very unfair; can we not demand that the mortgage company use our St Neots lawyer ?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your St Neots conveyancing solicitor to apply to be on the conveyancing panel.
My nephew is purchasing a house that has just been built in St Neots with a mortgage from Principality. His solicitor has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Principality conveyancing panel as a standard part of the process, and to the surveyor when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Principality conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
When will exchange of contracts happen for sale conveyancing in St Neots and do I need to be at the lawyers office?
Where you are local to one of the conveyancing solicitors in St Neots you are welcome to come in to sign contracts. However, the law practices we recommend supply countrywide coverage for conveyancing and give as equally diligent and professional a job for you when dealing with you by post or email. The signing of the contract is not when everything is set in stone. A signed contract is just a prerequisite for the solicitor to officially exchange when the time is right, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in St Neots)to be in the office available at the end of the phone to exchange contracts.
Can you clarify what the consequences are if my solicitor is expelled from the Nationwide Solicitor panel ahead of completing my conveyancing in St Neots?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I'm the sole recipient of my late mum's estate with all property in now in my sole name, including the my former home in St Neots. Conveyancing formalities meant that the Land Registry date was in June. I plan to dispose of the property. I understand that there is a CML six month 'rule', which means that my proprietorship will be treated the same way as if I'd bought the property in June. Do I have to wait half a year to sell?
The CML handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. Most mortgage companies would take a sensible view as this clause chiefly exists to capture subsales or the flipping of property.
I had a mortgage agreed in principle with Nottingham. St Neots conveyancing practitioners are selected. What is the average time that one could expect to receive a mortgage offer from Nottingham?
There is no definitive answer here. Have Nottingham completed the survey? Have you informed Nottingham as to your lawyers' details and checked that your lawyers are on the Nottingham conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
It is not clear whether my bank requires a lease extension. I have telephoned my St Neots bank branch on numerous occasions and was told it wasn't an issue and they would lend. My St Neots conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they refuse to lend based on their published requirements. Who do I believe?
Provided that the conveyancing practitioner is on the bank panel, they must follow the Council of Mortgage Lenders’ Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I need some quick conveyancing in St Neots as I am under an ultimatum to complete within one month. A mortgage is not required. Is it possible to decline from having conveyancing searches to save fees and time?
As you are are a cash purchaser you have the choice not to have searches conducted although no law firm would recommend that you don't. With lots of history conveyancing in St Neots the following are instances of issues that can appear and therefore impact future saleability: Enforcement Notices, Outstanding Fees, Overdue Grants, Road Schemes,...