My wife and I are purchasing a 2 bedroom apartment in Pevensey Bay with a mortgage. We wish to retain our Pevensey Bay conveyancer, however the bank advise he's not on their "panel". It seems we have little option but to instruct one of the bank panel conveyancing practices or continue with our Pevensey Bay conveyancer as well as pay for one of their panel lawyers to represent them. This feels very unfair; are we not able to require that the mortgage company use our Pevensey Bay solicitor ?
Unfortunately,no. Your mortgage offer 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 Pevensey Bay conveyancing lawyer to apply to be on the conveyancing panel.
My partner and I are purchasing a newly built duplex in Pevensey Bay and my conveyancer is advising me that she has to the lender to disclose incentives from the builder. I am nearing the developer’s deadline to exchange contracts and my preference is not to delay the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
We're in Pevensey Bay, First time buyers buying with a mortgage (lender is HSBC , and our lawyer is on the HSBC conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the HSBC conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I have been told that property searches are a common cause of delay in Pevensey Bay house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released determinations of a review by MoveWithUs that conveyancing searches do not feature within the common causes of hindrances in the conveyancing process. Local searches are not likely to feature in any delay in conveyancing in Pevensey Bay.
It has been 2 months following my purchase conveyancing in Pevensey Bay concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. 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.