My fiance and I are hoping to acquire a house in Torrington and have appointed a Torrington conveyancing practice. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Lloyds TSB Bank have this afternoon contacted us to advise us that they have now hit a problem as our Torrington lawyer is not on their conveyancing panel. Is this a problem?
Where you are buying a property needing 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 Accreditation Scheme. Your property lawyer should contact your lender 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Torrington solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
We previously appointed conveyancers located in Torrington on the Nottingham solicitor approved list. They have just invoiced me an additional charge for handling the Nottingham mortgage. Is this a supplemental conveyancing fee set by Nottingham?
Unfortunately, as long as it is in their Terms and Conditions or estimate then yes your property lawyer may levy a fee for this. The charge is not set by Nottingham but by your Torrington property lawyer. Some firms on the Nottingham panel will levy an ‘acting for lender’ fee but plenty of practices incorporate it on their overall fee.
We have agreed to purchase a house in Torrington. One unusual aspect is that the roof has a solar panel. RBS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is RBS your lawyer must comply with the formal requirements set out in Part 2 of UK Finance Lenders’ Handbook for RBS. The CML Handbook includes minimum conditions for solar panel roof-space leases, and property lawyers are required to report to RBS where a lease does not comply with these specifications. The conditions relate to the installation of panels on properties nationwide and is not isolated to Torrington.
I have a mortgage with Barclays for my property in Torrington. Conveyancing has been completed a year ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Barclays?
You must advise Barclays before letting out your property as this is likely to be a breach of Barclays’s mortgage conditions. It may be that Barclays will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Barclays directly. It should not be necessary to do this via a Barclays conveyancing panel solicitor.
It has been five months following my purchase conveyancing in Torrington completed. 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 residence 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.
I am buying a new build house in Torrington with a mortgage from HSBC Bank. The sellers would not move on the amount so I negotiated 6k of additionals instead. The house builders rep suggested that I not to tell my lawyer about this deal as it could adversely affect my loan with the bank. Do I keep my lawyer in the dark?.
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.
I am using a search engine for the words on line conveyancing in Torrington it brings up many property lawyerslocally. With so much choice what is the best way to find the right property lawyer for purchase transaction?
The best method of choosing a suitable conveyancer is via personal testimonial, so enquire of colleagues and relatives who have bought a property in Torrington or a local estate agent or financial adviser. Costs for conveyancing in Torrington vary, so it's advisable to request at least three costs illustrations from varying types of property lawyers. Dont forget to clarify what costs in the quote includes.