We are planning to buy a 2 bedroom apartment in Wilton with a mortgage. We wish to retain our Wilton conveyancer, 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 Wilton lawyer as well as pay for one of their panel lawyers to represent them. This seems very unfair; are we not able to insist that the bank use our Wilton conveyancer ?
Unfortunately,no. 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 Wilton conveyancing lawyer to apply to be on the conveyancing panel.
As a FTB what is the most important advice you can impart about purchase conveyancing in Wilton?
You may not hear this from too many lawyers but conveyancing in Wilton or throughout Wiltshire is often a confrontational experience. Put another way, when it comes to conveyancing there exists lots of room for conflict between you and other parties involved in the transaction. For instance, the vendor, estate agent and even potentially a lender. Appointing a lawyer for your conveyancing in Wilton should not be taken lightly as your conveyancer is your adviser, and is the ONLY party in the transaction whose role it is to act in your legal interests and to protect you.
There is a worrying emergence in the "blame" culture- someone must be at fault for the process being so protracted. You must always trust your lawyer ahead of all other players when it comes to the legal transfer of property.
I have been told that property searches are the number one cause of hinderance in Wilton conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not feature within the common causes of hindrances during the legal transfer of property. Local searches are unlikely to be the root cause of slowing down conveyancing in Wilton.
4 months have elapsed following my purchase conveyancing in Wilton took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £170,000. 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'm purchasing a new build house in Wilton with the aid of help to buy. The sellers would not reduce the amount so I negotiated five thousand pounds worth of additionals instead. The sale representative suggested that I not reveal to my solicitor about this side-deal as it may 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.
My husband and I are first time buyers - had an offer accepted, but the property agent has warned us that the seller will only move forward if we appoint the agent's recommended solicitors as they want a ‘quick sale’. We would rather use a family conveyancer with experience of conveyancing in Wilton
It is highly unlikely the vendors are driving this. Should the vendor desire ‘a quick sale', taking such a hostile approach to a serious purchaser is not the way to achieve this. Speak to the owners direct and make the point that (a)you are keen to buy (b)you are ready to progress, with mortgage lined up © you have nothing to sell (d) you wish to move quickly (e)however you are going to use your preferred Wilton conveyancing solicitors - not the ones that will provide the negotiator at the agency a kickback or meet his conveyancing figures set by senior management.