My fiance and I are looking to purchase a house in Hamworthy and are in fact using a Hamworthy conveyancing practice. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. The Royal Bank of Scotland have this afternoon contacted us to advise us that they have now hit a problem as our Hamworthy conveyancer is not on their conveyancing panel. Please explain?
If you are buying a property requiring a mortgage it is usual for the purchasers' lawyers to also act for the mortgage company. 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 solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Hamworthy solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Due to move into my new home in Hamworthy next Monday. My property lawyer now wants me to supply her with proof of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the lender. What risks does the mortgage company expect the insurance to cover?
All property lawyers on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 conditions. These requirements are not limited to conveyancing in Hamworthy.
I used Action Conveyancing a few years past for my conveyancing in Hamworthy. Now, I need the documents however the law firm has closed. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Hamworthy of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I am buying my first flat in Hamworthy benefiting from help to buy. The sellers refused to reduce the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent advised me not reveal to my conveyancer about this deal as it may put at risk my loan with Barclays Direct. Should I keep quiet?.
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.
Due to the advice of my in-laws I had a survey completed on a house in Hamworthy before appointing lawyers. I have been informed that there is a flying freehold element to the property. My surveyor advised that some mortgage companies will not give a loan on this type of property.
It varies from the lender to lender. Bank of Scotland has different requirements from Birmingham Midshires. If you contact us we can check with 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 Hamworthy. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Hamworthy to see if the conveyancing costs will increase in light of this.