Me and my partner are buying a 2 bedroom apartment in Werrington with a mortgage. We would like to retain our Werrington solicitor, but the mortgage company advise she’s not on their "panel". We have to appoint one of the mortgage company panel solicitors or keep our Werrington property lawyer and pay for one of their panel ones to represent them. This feels very unfair; can we not require that the mortgage company use our Werrington conveyancing practitioner ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’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. A further alternative is for your Werrington conveyancing lawyer to apply to be on the conveyancing panel.
I am purchasing a garden flat in Werrington. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Werrington you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Werrington.
Will our solicitor be raising questions concerning flooding as part of the conveyancing in Werrington.
Flooding is a growing risk for lawyers carrying out conveyancing in Werrington. There are those who buy a house in Werrington, completely aware that at some time, it may be flooded. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to give advice on flood risk, however there are a number of checks that may be undertaken by the buyer or on a buyer’s behalf which should give them a better appreciation of the risks in Werrington. The conventional set of information given to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual inquiry of the owner to discover if the premises has suffered from flooding. In the event that flooding has previously occurred and is not notified by the vendor, then a buyer may commence a claim for damages as a result of such an misleading response. A purchaser’s solicitors may also conduct an environmental search. This will reveal whether there is any known flood risk. If so, additional investigations will need to be made.
It has been 3 months since my purchase conveyancing in Werrington took place. I have checked the Land Registry site which shows that I paid £200,000 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 residence 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 purchasing a new build house in Werrington with a mortgage from Norwich and Peterborough Building Society. The builders refused to move on the amount so I negotiated 6k of extras instead. The house builders rep suggested that I not inform my solicitor about the extras as it would impact my mortgage with Norwich and Peterborough Building Society. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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 encouragement of my in-laws I had a survey completed on a property in Werrington prior to appointing lawyers. I have been informed that there is a flying freehold element to the property. The surveyor advised that some banks may not issue a mortgage on such a premises.
It depends who your proposed lender is. Lloyds has different instructions from Halifax. Should you wish to call us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Werrington. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Werrington to see if the conveyancing will be more expensive.