My wife and I are planning to buy a flat in Aughton and are in fact using a Aughton conveyancing firm. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Barclays Direct have this morning contacted us to inform me that they have now hit a problem as our Aughton solicitor is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance it is conventional for the purchasers' solicitors to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Aughton lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
I am considering refinancing my apartment in Aughton, does my lawyer need to be on the TSB Solicitor panel?
There is nothing to stop you using your solicitor, but TSB will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
Forgive me if this question is silly but I am unexperienced as a 1st time purchaser of a ground floor flat in Aughton. Do I receive the keys to the house on the completion date from my solicitor? If so, I will find a local conveyancing solicitor in Aughton?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will transfer the completion advance to the owner’s solicitors, and once they have received this, you will be invited to collect the keys from the selling Agents and start moving into the property. Usually this happens early afternoon.
A friend informed me that in buying a property in Aughton there may be various restrictions prohibiting external changes to the property. Is this right?
There are a number of properties in Aughton which have some sort of restriction or requirement of consent to perform external changes. Part of the conveyancing in Aughton should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I happen to be the only beneficiary of my late father’s will with all property in now in my sole name, including the my former home in Aughton. Conveyancing formalities meant that the Land Registry date was in March. I want to move. I do know about the CML six month 'rule', meaning my property ownership could be regarded the same way as if I'd bought the property in March. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be caught by that. Most banks would take a practical view as this obligation chiefly exists to identify the purchase and immediately sell or the flipping of property.
Will my lawyer be asking questions regarding flooding as part of the conveyancing in Aughton.
Flooding is a growing risk for lawyers dealing with homes in Aughton. Some people will buy a property in Aughton, fully aware that at some time, it may be flooded. However, leaving to one side the physical damage, where a property 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 during the course of a house purchase to forewarn the purchaser.
Solicitors are not qualified to give advice on flood risk, but there are a numerous checks that may be carried out by the purchaser or on a buyer’s behalf which will give them a better understanding of the risks in Aughton. The conventional set of information supplied to a buyer’s lawyer (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the seller to determine if the premises has suffered from flooding. If flooding has previously occurred and is not disclosed by the vendor, then a buyer could bring a compensation claim as a result of such an incorrect reply. The purchaser’s conveyancers will also conduct an enviro search. This will higlight whether there is any known flood risk. If so, more detailed investigations should be made.
I'm buying my first flat in Aughton with the aid of help to buy. The sellers refused to reduce the amount so I negotiated five thousand pounds worth of extras instead. The sale representative suggested that I not inform my lawyer about the deal as it could affect my loan with the lender. 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.