I am purchasing a brand new flat in Clayhall and my lawyer is informing me that she is duty bound to the mortgage company to disclose incentives from the seller. The Estate Agents are hassling me to exchange and I have no desire to delay deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. 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.
Our bank has recommended a law firm on their panel based in Clayhall but I would rather instruct a conveyancing lawyer in Clayhall local to me. Can you assist?
It is by no means the case that all Clayhall conveyancing solicitors are on all banks conveyancing panel. Do make the most of our find an approved solicitor tool to locate a Clayhall conveyancing conveyancer on the on the bank panel.
2 months have elapsed since my purchase conveyancing in Clayhall took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £180,000. 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 property 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.
Am I right to be wary that 3rd parties that I am dealing with are recommending a factory type conveyancing firm as opposed to a High Street Clayhall conveyancing firm?
As is the case with lots of professional services, often recommendations from connections can be most helpful. Nevertheless there are many parties with a keen interest in a conveyancing matter; estate agents, mortgage brokers and mortgage companies might all recommend lawyers to appoint. On occasion the conveyancers might be known to one of the organisations as experts in their field, but occasionally there exists a commercial relationship behind the recommendation. You are at liberty to select your own lawyer. However, bear in mind that most banks have an approved list of conveyancers you are obliged to use for the mortgage related work in your transaction.
My son is just in the process of moving home, the home loan was agreed last week in principle. After the seller agreed the offer on the flat we contacted the mortgage company to issue the formal offer. I was disappointed to learn that banks do not accept all solicitor, they need to be on their approved list, is this right?
Lenders ordinarily imposes restrictions either the type or the number of conveyancing practices on their approved list of lawyers. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Clayhall lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.