Is the fact that my solicitor in Wendover is not on my bank's solicitor panel that there is a problem with the quality of her work?
That would most likely be an incorrect assumption to make. There are all sorts of perfectly plausible explanations. A recent report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Wendover conveyancing practice and ask them why they are no longer on the approved list for your bank.
This question may be naive but I am wet behind the ears as FTB of a garden flat in Wendover. Do I pick up the keys to the house on the completion date from my lawyer? If this is the case, I will find a local conveyancing solicitor in Wendover?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will transfer the purchase money to the vendor’s conveyancers, and shortly after the monies have arrived, you should be able to collect the keys from the Estate Agents and start moving into the property. This tends to happen between 1 and 3pm.
My lawyer has informed me that breach of easement insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Wendover?
The appropriate level of breach of easement indemnity insurance depends on your lender. It would differ for example between Halifax and Barnsley Building Society. Conveyancing lawyers as opposed to members of the public take out such insurances.
UBS have agreed my mortgage in principle, my bid on a property in Wendover has been accepted, what are the next steps?
Your estate agent will need to know who your solicitors are (ensure that the solicitors are on the bank’s panel). Telephone UBS or your financial adviser and complete any relevant documentation. UBS will sellect a valuer who will get in contact with the estate agent or seller to schedule a time for the valuation to happen. Once conducted (assuming no problems) it takes on average a week to get a mortgage offer. UBS will send the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Wendover.
I am purchasing my first flat in Wendover benefiting from help to buy. The developers would not reduce the amount so I negotiated £7000 of fixtures and fittings instead. The estate agent told me not disclose to my conveyancer about the side-deal as it will impact my loan with the bank. Should I keep quiet?.
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.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what should have been a quick, chain free conveyancing. Wendover is where the house is located. What do you suggest?
Flying freeholds in Wendover are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wendover you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wendover 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.
Am I right to be concerned about 3rd parties that I am dealing with are encouraging me to use a factory type conveyancing firm as opposed to a High Street Wendover conveyancing practice?
As is the case with lots of professional services, often input from connections can be extremely useful or valuable. Nevertheless there are lots of players in a conveyancing matter; estate agents, mortgage brokers and mortgage companies may recommend conveyancers to use. Sometimes these conveyancers might be known to one of the organisations as one of the best in their field, but sometimes there exists a commercial relationship behind the endorsement. You have the discretion to appoint your own lawyer. Don't forget that the majority of lenders specify a panel list of conveyancers you are obliged to use for the lender aspect of your home move.
My 20yr old son is about to join the property ladder, he had his mortgage in principle. When the offer was accepted on house we rang the mortgage institution to move forward with his. I was shocked to learn that mortgage lenders do not accept all property lawyer, they must be on their panel, is this correct?
Lenders tend to imposes restrictions either the type or the number of conveyancing solicitors on their panel. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Wendover property lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.