My wife and I are hoping to buy a home in Great Dunmow and have instructed a Great Dunmow conveyancing firm. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Accord Mortgages Ltd have this afternoon contacted us to inform me that there is now an issue as our Great Dunmow lawyer is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is normal for the purchasers' lawyers 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 Great Dunmow lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
My wife and I are about to complete buying a house in Great Dunmow but as a consequence of damage from the recent storms I have managed to agree recompense from the vendor in the sum of £2k by way of a adjustment in the price. This was going to be dealt with as part of a side agreement yet Leeds Building Society will not permit this. Should they have been notified?
Your conveyancer being on a Leeds Building Society conveyancing panel is duty bound to inform Leeds Building Society of any changes to the sale price. If you were to refuse your property lawyer to report the reduction to Leeds Building Society then they would have to discontinue acting for you. In addition, Leeds Building Society and you would have to appoint a new conveyancing practitioner for your conveyancing in Great Dunmow.
3 months have gone by following my purchase conveyancing in Great Dunmow completed. I have checked the Land Registry site 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 asset 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 opted to have a survey completed on a property in Great Dunmow before instructing conveyancers. I have been informed that there is a flying freehold element to the property. My surveyor advised that some banks will refuse to issue a mortgage on a flying freehold premises.
It varies from the lender to lender. Bank of Scotland has different requirements from Halifax. If you contact us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Great Dunmow. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Great Dunmow to see if the conveyancing costs will increase in light of this.
I need to find a conveyancing solicitor for my conveyancing in Great Dunmow. I have stumble upon a site which seems to have the perfect answer If it is possible to get all the legals completed via web that would be preferable. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?