I am nearing exchange of contracts for my house in Leighton Buzzard and the EA has just called to say that the purchasers are switching law firm. The excuse is that the bank will only work with solicitors on their approved list. On what basis would a big named mortgage company only deal with certain law firms rather the firm that they want to choose for their conveyancing in Leighton Buzzard ?
Banks have always had panels of law firms they are willing to work with, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lenders attribute this action to a rise in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are not going to have any sway in the decision.
My wife and I purchased a renovated Georgian house in Leighton Buzzard. Conveyancing practitioner represented me and Nationwide Building Society. I did a free Land Registry search last week and there are a couple of entries: one for freehold, another for leasehold with the matching address. I'd like to know for sure, how can I find out??
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Leighton Buzzard and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the position with your conveyancing solicitor who completed the work.
I am buying my first flat in Leighton Buzzard with a loan from Norwich and Peterborough Building Society. The developers refused to reduce the price so I negotiated five thousand pounds worth of additionals instead. The house builders rep suggested that I not inform my solicitor about this extras as it would impact my loan with Norwich and Peterborough Building Society. 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.
I've recently found out that there is a flying freehold issue on a property I have offered on last month in what should have been a quick, chain free conveyancing. Leighton Buzzard is where the house is located. What do you suggest?
Flying freeholds in Leighton Buzzard are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Leighton Buzzard you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Leighton Buzzard may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Is it best to use a Leighton Buzzard conveyancing solicitor in close proximity to the house I am buying? An old friend can handle the legal formalities however her office is approximately 350miles drive away.
The primary upside of using a local Leighton Buzzard conveyancing firm is that you can attend the office to execute documents, present your identification documents and pester them where appropriate. Having local Leighton Buzzard know how is a bonus. That being said it's more important to get someone that will pull out all the stops for you. If if people you trust instructed your friend and they were impressed that must outweigh using an unfamiliar Leighton Buzzard conveyancing lawyer solely due to them being Leighton Buzzard based.