My wife and I are purchasing a brand new apartment in Olney and my conveyancer is telling me that she is duty bound to the lender to reveal incentives from the seller. The Estate Agents are hassling me to sign contracts and I have no desire to delay matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Are the Olney conveyancing solicitors identified as being on the Barclays conveyancing panel, together with their details provided by Barclays?
Olney conveyancing firms themselves provide us confirmation that they are on the Barclays conveyancing panel as opposed to being supplied with a list from Barclays directly.
The Olney conveyancing firm that just started acting on my purchase in Olney have suddenly closed. They were on acting for me because I had to have a lawyer on the Virgin Money conveyancing panel and my family Olney lawyer was not. I issued them a cheque for two hundred pounds in advance. What should be my next steps?
If you have an estate agent involved then let them know immediately so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Virgin Money conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to help.
I am purchasing a house and the lawyer has mentioned Chancel Repair to which the property could be liable as it falls into the area of such a church. He has recommended insurance. Is this really warranted for conveyancing in Olney
Unless a previous purchase of the property took place after 12 October 2013 you could expect lawyers conducting conveyancing in Olney to continue to suggest a chancel search and or insurance against a claim.
Over the last few months I have been searching for a flat up to £245,000 and identified one round the corner in Olney I like with a park and railway links in the vicinity, the downside is that it's only got 51 remaining years left on the lease. I can't really find anything else in Olney suitable, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a home loan the shortness of the lease will likely be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this.