My fiance and I are hoping to acquire a house in Wadhurst and are in fact using a Wadhurst conveyancing practice. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. National Westminster Bank have this evening contacted us to inform me that they have now hit a problem as our Wadhurst conveyancer is not on their conveyancing panel. What do we do from here?
If you are buying a property requiring a mortgage it is usual 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 property lawyer should contact your bank 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 don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Wadhurst lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
The vendors of the house we are purchasing have instructed a conveyancing firm in Wadhurst who has suggested a lock out agreement with a deposit 6,000. Is it wise to enter into such agreements?
Lock out contracts are contracts between a property owner and prospective acquirer giving the buyer the sole right to purchase the property for a certain period of time. For all intents and purposes, an exclusivity agreement is a contract stating that you should have a contract at a later date being the contract for the actual sale. It tends to be utilised for buyer assurance though in many situations, the vendor may stand to benefit from such agreements as well. There are many pros and cons to having them but you need to check with your lawyer but beware that it may end up costing you more in conveyancing charges. In light of this these contracts are not popular when it comes to conveyancing in Wadhurst.
My brother-in-law has suggested I instruct a conveyancing solicitor in Wadhurst. I I am struggling to find out if they are on the Bank of Ireland conveyancing panel. Could you or the lender confirm if they are on the panel?
The first thing you should do is contact the lawyer and enquire if they can act for the bank. Alternatively you should call Bank of Ireland who may be able to assist.
Does a directory service exist listing Coventry BS panel solicitors in Wadhurst on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such facility on the Council of Mortgage Lenders or Building Society Association websites. A small selection of mortgage companies make their panel listings viewable over the internet. Where you are in need of a Wadhurst solicitor on the Coventry BS please use our tool.
I can not fathom if my bank requires a lease extension. I have telephoned my Wadhurst building society branch on various occasions and was informed it wasn't a problem and they will lend. My Wadhurst conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they would not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Your property lawyer must comply with the CML Handbook section two requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the bank 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
After weeks of negotiation I have agreed a price on a house in Wadhurst. My financial adviser pressured me to appoint their solicitor. I paid an on account payment of £200. Shortly after, the solicitor called me to say that they were not on the Nationwide 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 Nationwide 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.
4 months have gone by following my purchase conveyancing in Wadhurst took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £215,000. 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 asset 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 a sole trader intending to take over a lease of an office on a shopping parade. Can you recommend lawyers offering no-move-no charges for non-domestic conveyancing in Wadhurst for less than £2000?
We are happy to recommend firms who host a wealth of experience of commercial conveyancing in Wadhurst, including the disposal and acquisition of businesses as well as simply premises. If you are looking to purchase or lease a shop, pub, restaurant, office, retail premises or a complete business we can find you the right lawyer. As for the charges this will depend on the structure and nuances of the deal. Please provide us with your details or call so as to enable us to supply you with comprehensive commercial conveyancing calculation.