Me and my partner are buying a 1 bedroom flat in Hindhead with a mortgage. We like our Hindhead lawyer, but the mortgage company says she’s not on their "panel". It appears that we have no choice but to use one of the lender panel conveyancing practices or retain our Hindhead property lawyer as well as pay for one of their panel ones to represent them. We consider that this is unjust; is there anything we can do?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Hindhead conveyancing solicitor to apply to be on the conveyancing panel.
In what way does my ID and proof of funds have anything to do with my conveyancing in Hindhead? Why is this being asked of me?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to verify the identity of the potential client they are dealing with before they can accept their conveyancing business. The Terms and Conditions that you need to sign should confirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Where you are unwilling to hand over identification documents, your solicitor would not be able to accept instructions from you.
We expect to receive a DIP from Nationwide this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Nationwide recommend any Hindhead solicitors on the Nationwide conveyancing panel, or is it better to go independently?
You will need to appoint Hindhead solicitors independently although you'll need to choose one on the Nationwide conveyancing panel. The solicitor represents both you and Nationwide through the process.
I'm in the process of looking at apartments in Hindhead and I am about to put in an offer. Is it too early to have a solicitor in place? I intend to finance via a mortgage with Co-operative.
It would be wise to instigate your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the EA. As you are taking out a mortgage with Co-operative, make sure you remember to check that your lawyer is on the Co-operative conveyancing panel.
HSBC have agreed my mortgage in principle, my bid on a property in Hindhead has been accepted, what happens next?
The property agent will wish to know who your solicitors are (be sure the conveyancing practitioners are on the bank’s approved list). Contact HSBC or the financial adviser and finalise any relevant forms. HSBC will appoint a valuer who will get in touch with the selling agent or owners to arrange an appointment. Once carried out (assuming no problems) it takes on average a fortnight for the mortgage offer to be issued. HSBC will send the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Hindhead.
three months have gone by following my purchase conveyancing in Hindhead concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. 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.
About to purchase a new build flat in Hindhead. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Hindhead
Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. There must be mutual enforceability of lessee’s covenants. Please supply a car parking plan.