Unfortunately I am unable to travel far from Eye. Is there a reason why all Eye conveyancing practitioners aren't included on all mortgage company panels?
Before the recession most lenders exhibited an attitude to risk which differs from the current day. The financial regulator in 2010 instigated a thematic review into property fraud which concluded: know the solicitors on your panel. As a result, banks have since looked to extract more data from law firms regarding their operations and the individuals employed by them and set certain criteria such as completing a minimum number of transactions. Many firms have found themselves removed from lender panels even though they had an exemplary disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms were never going to satisfy the minimum volume of transactions the lenders insisted on.
I have been told that property searches are the number one reason for delay in Eye conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not figure within the common causes of hindrances during the legal transfer of property. Local searches are unlikely to feature in any holding up conveyancing in Eye.
3 months have elapsed following my purchase conveyancing in Eye took place. I have checked the Land Registry website which shows that I paid £150,000 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 residence 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 am purchasing my first flat in Eye with a loan from Barnsley Building Society. The developers would not move on the price so I negotiated £7000 of additionals instead. The property agent advised me not inform my conveyancer about the deal as it could affect my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Builders have recommended to me a conveyancing practitioner and I've received an estimate from them. It's almost £400 cheaper than my local Eye property lawyer. Should I use them?
Builders frequently have lists of conveyancers who expedite matters and who know the developer’s documentation and lawyer. As many developers offer an inducement to select their approved solicitor for this reason, any increased charges can be avoided and a builder won't put forward a conveyancing warehouse and run the risk of having the conveyancing stall when they demand an exchange within a tight deadline. The argument for not agreeing to use the suggested property lawyer is that they may prove hesitant to fight for your interests for fear of alienating the developer. If you worry that this may be the situation you should keep with your high street Eye solicitor.