My wife and I are buying a 1 bedroom flat in Kinmel Bay with a mortgage. We have a Kinmel Bay conveyancer, but the bank advise he's not on their "panel". It appears that we have no option but to instruct one of the mortgage company panel firms or keep our Kinmel Bay conveyancer and pay for one of their panel lawyers to act for them. We regard this is inequitable; are we not able to demand that the mortgage company use our Kinmel Bay conveyancer ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’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. Another option that might be available is for your Kinmel Bay conveyancing solicitor to apply to be on the conveyancing panel.
Please help. My Kinmel Bay lawyer is advising me that he has toapply for Kinmel Bay conveyancing searches resulting from the fact thatthe firm are on the HSBCconveyancing panel. Is my conveyancer correct?
Unfortunately both you and your lawyer have little choice here. Given that you are taking out a loan with a bank your property lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your property lawyer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to comply with the CML Handbook conditions . Even if you were a cash buyer you would be ill advised not to carry out Kinmel Bay conveyancing searches.
Will our conveyancer be asking questions regarding flooding during the conveyancing in Kinmel Bay.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Kinmel Bay. Some people will buy a house in Kinmel Bay, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the premises. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Solicitors are not best placed to give advice on flood risk, but there are a number of searches that may be undertaken by the buyer or on a buyer’s behalf which should figure out the risks in Kinmel Bay. The standard information supplied to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual question of the owner to discover if the property has suffered from flooding. If the premises has been flooded in past and is not disclosed by the seller, then a buyer could commence a claim for damages as a result of such an inaccurate response. The buyer’s solicitors should also carry out an environmental search. This will higlight if there is any known flood risk. If so, more detailed investigations should be carried out.
It has been three months following my purchase conveyancing in Kinmel Bay completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £170,000. 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 buying my first flat in Kinmel Bay with the aid of help to buy. The builders refused to reduce the price so I negotiated £7000 of fixtures and fittings instead. The property agent told me not disclose to my solicitor about the side-deal as it would impact my loan with the bank. Do I keep my lawyer in the dark?.
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.