I am not well enough to travel far from Wick. Please clarify why all Wick lawyers aren't automatically on all mortgage company panels?
Mortgage companies highlight the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud annually.The elimination of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its conclusions included recommendations for lending institutions to review their conveyancing panels, which kicked off a major policy change in the sector. This resulted in banks and building societies pruning a number of firms from their official list of approved conveyancers .
My son-in-law is purchasing a new build apartment in Wick with a home loan from Clydesdale. His lawyer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The document is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Clydesdale conveyancing panel as a standard part of the process, and to the surveyor when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Clydesdale conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We just had an offer accepted to buy with Melton Mowbray Building Society. We have called around locally yet am struggling to find a Wick conveyancing firm on the Melton Mowbray Building Society approved list. Could you help?
You should make use of the search tool on this web page. Please choose the building society and type Wick or your preferred area and you will be presented with a number of lawyer based in Wick or near you.
The deeds to our house are lost. The conveyancers who conducted the conveyancing in Wick 10 years ago are no longer around. Will I be able to sell the house?
As long as you have a registered title the information relating to your ownership will be retained by HMLR under a Title Number. It is easy to conduct a search at the Land Registry, identify your house and order up to date copies of the property title for a small fee. If the title is Leasehold then the Land Registry will in most cases retain a certified duplicate of the Registered Lease and again, a copy can be obtained for a small fee.
How does conveyancing in Wick differ for newly converted properties?
Most buyers of new build premises in Wick come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is ready to move into. This is because builders in Wick tend to buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Wick or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a simple, no chain conveyancing. Wick is the location of the property. Can you offer any opinion?
Flying freeholds in Wick are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wick you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wick may decide 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 residence.