I am acquiring a brand new apartment in Long Melford and my solicitor is telling me that she is duty bound to the lender to reveal incentives from the seller. I am under pressure to sign contracts and my preference is not to prolong the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Can you clarify what the consequences are if my solicitor is removed from the Virgin Money Conveyancing panel ahead of completing my conveyancing in Long Melford?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I've recently found out that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a quick, no chain conveyancing. Long Melford is the location of the property. Can you offer any advice?
Flying freeholds in Long Melford are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Long Melford you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Long Melford may determine 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 property.
Do I need to be concerned by brokers that I am dealing with are encouraging me to use an internet conveyancing firm as opposed to a High Street Long Melford conveyancing company?
As with lots of professional services, often input from connections can be worth their weight in gold. Yet there are lots of parties with a keen interest in a conveyancing transaction; estate agents, financial adviser and banks may suggest solicitors to retain. Sometimes the conveyancers might be known to one of the organisations as experts in their field, but occasionally there behind the scenes financial incentive behind the recommendation. You are at liberty to choose your own conveyancer. However, bear in mind that the majority of lenders specify a panel list of lawyers you are obliged to use for the lender aspect of your transaction.
In my capacity as executor for the will of my grandfather I am disposing of a residence in Swansea but live in Long Melford. My conveyancer (who is 200 kilometers from mehas requested that I sign a statutory declaration ahead of the transaction finalising. Could you suggest a conveyancing solicitor in Long Melford to witness this legal document for me?
strictly speaking you are unlikely to need to have the documents witnessed by a conveyancing solicitor. Normally any notary public or qualified solicitor will do regardless of whether they are located in Long Melford