My wife and I are planning to buy a house in Tewkesbury and are in fact using a Tewkesbury conveyancing firm. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Halifax have this afternoon contacted us to advise us that there is now an issue as our Tewkesbury lawyer is not on their conveyancing panel. Is this a problem?
If you are buying a property with the assistance of a mortgage it is normal for the purchasers' lawyers to also act for 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 bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Tewkesbury solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Despite weeks of looking the Title Certificate and documents to my property can not be found. The solicitors who did the conveyancing in Tewkesbury 10 years ago are no longer around. What are my next steps?
Assuming the title is registered the details of your proprietorship will be evidenced by HMLR with a Title Number. It is possible to carry out a search at the Land Registry, find your house and get current copies of the property title for less than a fiver. If the property is Leasehold then the Land Registry will also normally retain a file duplicate of the Registered Lease and again, a copy can be retrieved for £20 inclusive of VAT.
I am buying my first flat in Tewkesbury with the aid of help to buy. The sellers would not reduce the price so I negotiated 6k of fixtures and fittings instead. The property agent suggested that I not reveal to my solicitor about this side-deal as it would affect my mortgage with Chelsea Building Society. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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.
I've recently found out that there is a flying freehold element on a house I have offered on two weeks back in what should have been a quick, chain free conveyancing. Tewkesbury is where the house is located. What do you suggest?
Flying freeholds in Tewkesbury are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Tewkesbury you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Tewkesbury may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Should I be wary by brokers that I am dealing with are encouraging me to use an internet conveyancing firm as opposed to a local Tewkesbury conveyancing practice?
As is the case with lots of professional services, often referrals from family and friends can be worth their weight in gold. Nevertheless there are many parties with a keen interest in a conveyancing matter; estate agents, mortgage brokers and banks may put forward conveyancers to select. On occasion the solicitors might be known to one of the organisations as experts in their field, but occasionally there behind the scenes financial incentive behind the recommendation. You have the discretion to choose your preferred lawyer. You need to be aware that some mortgage providers operate an approved list of law firms you are obliged to use for the mortgage aspect of your conveyancing.