We are buying a brand new apartment in Woodthorpe and my solicitor is informing me that she is duty bound to the bank to reveal incentives from the developer. I am on a tight deadline to exchange contracts and I don't want to delay deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
we are a couple who are purchasing a purpose built apartment in Woodthorpe with a homeloan from Bank of Ireland.We would like to retain our Woodthorpe conveyancing lawyer but Bank of Ireland says her practice is not on their "panel". We have to appoint a Bank of Ireland panel lawyer or keep our high street solicitor and pay for a Bank of Ireland panel lawyer to act for them. This seems very unfair; Can we not simply insist that Bank of Ireland use our lawyer?
No, not really. The loan offered to you contains various provisions, one of which will be that conveyancers must be on the Bank of Ireland conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Bank of Ireland
I am looking for a leasehold apartment up to £245,000 and identified one near me in Woodthorpe I like with a park and railway links nearby, however it only has 51 remaining years left on the lease. There is not much else in Woodthorpe in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage that many years will be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for at least twenty four months you can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
I have been sourcing a conveyancing lawyer in Woodthorpe for my house move. Is it possible to check a firm’s record with the profession’s regulator?
Members of the public may find presented Solicitor Regulator Association (SRA) decisions stemming from investigations commenced on or after Jan 2008. Go to Check a solicitor's record. To find details about the period before 1 January 2008, or to check a firm's record, call 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For non-uk callers, dial +44 (0)121 329 6800. The regulator may recorded call for training purposes.
New build sellers have recommended to me a solicitor and I've sought a quote from them. They are nearly three hundred pounds cheaper than my local Woodthorpe conveyancer. What's the catch?
Builders often have lists of lawyers who expedite matters and who know the seller’s paperwork and solicitor. Plenty of developers offer an inducement to use a preferred conveyancer for this reason, any increased charges can be avoided and a builder won't suggest a conveyancing factory and run the risk of having the transaction stall when they want exchange inside a month. A counter-argument for not opting for the recommended property lawyer is that they may prove reluctant to 'push' your interests at the risk of upsetting the developer. Where you have concerns that this may be the case you should keep with your high street Woodthorpe lawyer.