My husband and I are buying a new build duplex in Stanmore and my lawyer is informing me that she has to the mortgage company to disclose incentives from the builder. I am nearing the developer’s deadline to exchange contracts and my preference is not to delay deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a bank 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.
The Stanmore conveyancing solicitors that just started acting on my purchase in Stanmore have suddenly shut down. They were on acting for me because I had to have a firm on the Santander conveyancing panel and my previous Stanmore lawyer was not. I gave my credit card details for them to take £195 for searches. What are my options?
If you have an estate agent involved then inform them immediately so that they can let the sellers know that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Santander 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 solicitors may be able to help.
I have been told that property searches are the main cause of hinderance in Stanmore house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not feature within the top 10 causes of hindrances during the legal transfer of property. Searches are not likely to be the root cause of slowing down conveyancing in Stanmore.
My partner has suggested that I appoint his lawyers for conveyancing in Stanmore. Should I use them?
There are no two ways about it the best way to find a conveyancing solicitor is to have referrals from friends or relatives who have previously instructed the firm that you are are thinking of instructing.
How and when do I incur stamp duty chargeable for my purchase in Stanmore?
The majority of solicitors tend to fill out a Land Transaction Return Form for you during your Stanmore conveyancing transaction for you to sign. After completion your solicitor will submit the Land Transaction Return Form to the Tax Authorities and - as long as they have the funds - settle any Stamp Duty payable for you.