My fiance and I are planning to buy a flat in Woodford Green and are in fact using a Woodford Green conveyancing firm. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Nottingham Building Society have this afternoon contacted us to advise us that there is now an issue as our Woodford Green solicitor is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is normal for the purchasers' solicitors 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 property lawyer 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 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 Woodford Green solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
The Woodford Green conveyancing firm handling our Woodford Green conveyancing has uncovered an inconsistency when comparing the assumptions in the home valuation survey and what is in the legal papers for the property. My lawyer has advised that he must ensure that the bank is happy with this discrepancy and is still content to lend. Is my conveyancer’s course or action right?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Do the Building Society Association intend to launch a search tool with a view to list firms on the Darlington Building Society conveyancing panel for instance in Woodford Green?
Lexsure has not been advised of any intention on the part of the BSA to develop such a search facility.
It has been five months since my purchase conveyancing in Woodford Green concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £180,000. 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 property 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 need to retain a conveyancing solicitor for my conveyancing in Woodford Green. I happened to discover a web site which appears to be the ideal answer If it is possible to get all this stuff completed via email that would be ideal. Do I need to be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?