My wife and I are planning to acquire a property in Great Missenden and are in fact using a Great Missenden conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Lloyds TSB Bank have this morning contacted us to inform me that there is now an issue as our Great Missenden conveyancer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with mortgage finance it is normal for the purchasers' solicitors to also act for 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 Accreditation Scheme. Your property lawyer 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 don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Great Missenden lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
What can a local search inform me concerning the house we're purchasing in Great Missenden?
Great Missenden conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search company for instance Searches UK The local search plays a central role in most Great Missenden conveyancing purchase; as long as you don’t want any unpleasant surprises after you move into your property. The search should supply information on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject areas.
five months have elapsed following my purchase conveyancing in Great Missenden took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £215,000. 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 premises 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'm purchasing a new build house in Great Missenden with a loan from Nationwide Building Society. The sellers would not budge the price so I negotiated £7000 of additionals instead. The sale representative suggested that I not disclose to my lawyer about the extras as it may impact my loan with the bank. Is this normal?.
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.
I am selling my house. My previous solicitors have shut. It would be helpful to have a recommendation of a conveyancing firm. I happen to live in Great Missenden if that affects matters.
Do use our search tool to help you find a solicitor for your conveyancing in Great Missenden. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move goes with a minimum of fuss.