I am progressing with the sale of my home in Upminster Bridge and the EA has just e-mailed to advise that the buyers are changing their law firm. The excuse is that the bank will only engage with solicitors on their conveyancing panel. On what basis would a major mortgage company only deal with specific solicitors rather the firm that they want to appoint for their conveyancing in Upminster Bridge ?
UK lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Mortgage companies justify this action to a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are unlikely to have any sway in the decision.
It has been five months following my purchase conveyancing in Upminster Bridge took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. 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 property 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'm buying my first flat in Upminster Bridge benefiting from help to buy. The builders refused to reduce the price so I negotiated £7000 of extras instead. The property agent suggested that I not disclose to my conveyancer about this deal as it will affect my loan with the bank. 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.
Due to the advice of my in-laws I had a survey completed on a property in Upminster Bridge ahead of retaining solicitors. I have been told that there is a flying freehold element to the property. My surveyor has said that some lenders may refuse to grant a loan on such a property.
It varies from the lender to lender. Santander has different requirements from Nationwide. If you e-mail us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Upminster Bridge. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Upminster Bridge to see if the conveyancing will be more expensive.
In my capacity as executor for the estate of my uncle I am disposing of a property in Neath but live in Upminster Bridge. My lawyer (approximately 200 miles awayneeds me to execute a statutory declaration ahead of completion. Can you recommend a conveyancing solicitor in Upminster Bridge who can attest this legal document for me?
strictly speaking you are unlikely to need to have the documents attested by a conveyancing solicitor. Normally any notary public or qualified solicitor will do regardless of whether they are located in Upminster Bridge
We are in the middle of buying a house in Upminster Bridge. Conveyancing lawyer has told us the property is "Leasehold". Does this make a difference on the marketability of the house?
Upminster Bridge conveyancing does not normally involve leasehold houses. The crucial factor here is the length of lease and the ground rent. If there are hundred of years years remaining with a nominal rent, it's almost the same as freehold, so it’s unlikely to affect the marketability significantly.
At the other end of the spectrum, if it's, say, 50 years it will have a adverse impact on the value, and probably wouldn't be acceptable to the mortgage company. The length of lease and ground rent will be set out in the lease to be supplied to your conveyancing practitioner.