My fiance and I are hoping to buy a home in Kingswood and have instructed a Kingswood conveyancing firm. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Halifax have this morning contacted us to inform me that there is now an issue as our Kingswood 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 usual for the purchasers' solicitors 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 Accreditation Scheme. Your property lawyer should contact your bank 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 don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Kingswood lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
Our Kingswood conveyancer has uncovered a discrepancy when comparing the surveyor’s assumptions in the valuation survey and what is in the legal papers for the property. My solicitor informs me that he must ensure that the bank is OK with this discrepancy and is content to go ahead. Is my conveyancer’s course or action appropriate?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
What does my ID and proof of funds have anything to do with my conveyancing in Kingswood? Why is this being asked of me?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to verify the identification documents of the person or body they are dealing with before they can accept their conveyancing instruction. The Client Care letter that you are required to sign will no doubt reaffirm this. Your lender will also require certain documents to be checked. Where you are unwilling to hand over ID verification documents, your solicitor would not be able to act for you.
Will my lawyer be raising enquiries regarding flooding during the conveyancing in Kingswood.
The risk of flooding is if increasing concern for solicitors dealing with homes in Kingswood. Plenty of people will buy a property in Kingswood, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to offer advice on flood risk, however there are a numerous checks that can be carried out by the purchaser or on a buyer’s behalf which will figure out the risks in Kingswood. The conventional set of property information forms sent to a buyer’s lawyer (where the Conveyancing Protocol is adopted) incorporates a standard inquiry of the vendor to determine whether the premises has suffered from flooding. If flooding has previously occurred and is not notified by the vendor, then a purchaser may commence a claim for damages stemming from an misleading answer. A purchaser’s conveyancers should also carry out an environmental search. This will reveal if there is any known flood risk. If so, more detailed investigations should be initiated.
I am buying my first flat in Kingswood benefiting from help to buy. The developers would not reduce the price so I negotiated 6k of fixtures and fittings instead. The property agent advised me not reveal to my lawyer about this deal as it may put at risk my loan with the lender. 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.