My wife and I are buying a newly built apartment in Redbridge and my lawyer is telling me that she has to the mortgage company to disclose incentives from the developer. I am nearing the developer’s deadline to exchange and I would rather not delay the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook specifications. 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 wanted to use a property lawyer in Redbridge for our house move. Our financial adviser has since advised us that our bank Britannia won't deal with them. Why is this not regarded as unfair competition?
Pre- 2008 most mortgage companies had an appetite for risk which was higher than today. Almost all Redbridge conveyancing firms would have been on most bank panels. The financial services regulator in 2010 completed a thematic investigation into mortgage fraud which concluded: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies are increasingly seeing more information from law firms regarding their operations and their employees as well as establishing certain criteria such a completing on a minimum amount of conveyancing. Many Redbridge conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Redbridge is one of the thousands of areas where the solicitors we recommend are on the panel for Britannia.
five months have elapsed since my purchase conveyancing in Redbridge 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 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.
How does conveyancing in Redbridge differ for newly converted properties?
Most buyers of new build or newly converted property in Redbridge approach us having been asked by the developer to sign contracts and commit to the purchase even before the premises is constructed. This is because builders in Redbridge tend to acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Redbridge or who has acted in the same development.
I'm converting the mortgage on my current house to a BTL mortgage with Halifax and I will use the rest of the raised equity as a deposit on a second house. The neighborhood we are talking about is Redbridge. Will your conveyancers be able to act for the two banks and tie in the two deals?
Make use of our comparison tool on this site to be sure that the conveyancers are on the relevant lender panels. Having checked that they are the conveyancer will be able to tie up the two conveyancing matters but you should have a chat with you conveyancer and specify your expectations and needs.