My wife and I are planning to acquire a house in Surrey and are in fact using a Surrey conveyancing practice. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. The Royal Bank of Scotland have this afternoon contacted us to inform me that they have now hit a problem as our Surrey lawyer is not on their approved list of lawyers. Is this a problem?
If you are buying a property requiring a mortgage it is conventional for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Surrey solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
We're in Surrey, FTBs purchasing with a mortgage (lender is Principality , and our lawyer is on the Principality conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Principality conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer 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'm buying a new build house in Surrey with a mortgage from Accord Mortgages Ltd. The builders refused to reduce the price so I negotiated £7000 of extras instead. The house builders rep suggested that I not disclose to my conveyancer about this side-deal as it will jeopardize my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Taking into account that I am about to spend 450k on a house in Surrey I wish to talk to a conveyancer regarding thehouse move ahead of instructing the firm. Is this something that you can arrange?
This is something that we recommend - we would be pleased to talk to you we do not take any clients on without you first talking to the lawyer who will be conducting your property ownership legalities in Surrey.There is no ‘factory style conveyancing’ - every client is an important individual, not a file reference. The solicitors that we put you in touch with believe that the fees you are calculated and presented to you for residential conveyancing in Surrey should be the amount on the final invoice that you are charged.
How much experience do your Surrey conveyancing solicitors have with Help To Buy, Shared Equity and similar schemes?
Surrey conveyancing lawyers help thousands of people move home every year and assisted lots of clients through the Help To Buy scheme. The chances are that whatever makes your case unique Surrey conveyancers have worked on recent similar matters.