My wife and I are planning to buy a house in Stotfold and are in fact using a Stotfold conveyancing practice. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Barclays Direct have this evening contacted us to inform me that there is now an issue as our Stotfold lawyer is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Stotfold lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
The sellers of the home we are looking to purchase are using a conveyancing firm in Stotfold who has recommended a exclusivity contract with a down payment 10k. Are such agreements generally advanced for Stotfold conveyancing transactions?
This kind of contract is unusual in Stotfold, conveyancers are not keen on them as they detract from focusing on the main conveyancing focus and if you end up losing your deposit then the lawyer is left exposed. In addition, there is no certainty that just because the proprietor has executed a lock out agreement they will complete the sale with you. They may be motivated to break the contract if they receive sufficient financial inducement to do so because an aggrieved claimant with the benefit of a lockout agreement will still be duty bound to establish consequential losses from the breach and this may not equalise the financial upside that your vendor may secure by breaching the contract, however morally reprehensible that may be.
Can your site be used to find a Conveyancing solicitor in Stotfold even if I’m not purchasing or disposing of a house, for instance if I want to buy a shop in Stotfold with a loan from Leeds Building Society?
The service is mainly there to find residential conveyancing solicitors in Stotfold but we have recorded towards the end of this page a few Stotfold commercial conveyancing firms. You will need to make contact with the solicitors directly to establish if they can also act for Leeds Building Society
Should my lawyer be making enquiries about flooding during the conveyancing in Stotfold.
Flooding is a growing risk for lawyers conducting conveyancing in Stotfold. There are those who acquire a property in Stotfold, fully aware that at some time, it may be flooded. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Solicitors are not best placed to offer advice on flood risk, however there are a number of checks that can be initiated by the purchaser or by their lawyers which should figure out the risks in Stotfold. The standard information supplied to a buyer’s lawyer (where the Conveyancing Protocol is adopted) includes a standard question of the seller to determine whether the property has suffered from flooding. If the property has been flooded in past which is not revealed by the owner, then a buyer could issue a legal claim for losses as a result of such an misleading response. A buyer’s solicitors will also carry out an environmental search. This should higlight if there is any known flood risk. If so, further investigations will need to be conducted.
I am purchasing my first flat in Stotfold with a loan from Halifax. The builders refused to reduce the amount so I negotiated 6k of additionals instead. The sale representative told me not disclose to my conveyancer about this extras as it could impact my mortgage with Halifax. Do I keep my lawyer in the dark?.
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.
Hoping to buy a property located in Stotfold and I am already nervous. I couldn't find anything specific about Stotfold. Conveyancing will be needed in due course but do you know about the Stotfold area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Stotfold. In the meantime here are some basic statistics that we found