Can you clarify what the consequences are if my solicitor is removed from the Leeds Building Society Solicitor panel ahead of completing my conveyancing in Freshwater Bay?
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.
3 months have gone by following my purchase conveyancing in Freshwater Bay concluded. 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 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 buying a new build house in Freshwater Bay with a mortgage from Aldermore. The builders would not move on the amount so I negotiated £7000 of additionals instead. The property agent advised me not reveal to my lawyer about the deal as it would put at risk my loan with the bank. Is this normal?.
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.
Due to the guidance of my in-laws I had a survey completed on a house in Freshwater Bay before appointing conveyancers. I have been advised that there is a flying freehold element to the property. My surveyor advised that some banks tend refuse to give a loan on such a home.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Halifax. If you call us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Freshwater Bay. Conveyancing may be slightly more expensive based on your lender's requirements.
I am purchasing a property and require a conveyancing solicitor in Freshwater Bay who is on the bank conveyancing panel. Could you point me in the right direction as regards a Freshwater Bay conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for the mortgage company who carry out conveyancing in Freshwater Bay. We dont recommend any particular solicitor.