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My partner and I are novices when it comes to buying a property. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Platform Home Loans have this evening contacted us to advise us that they have now hit a problem as our solicitor is not on their approved list of lawyers. What do we do from here?
If you are buying a property with the assistance of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
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 solicitors should contact Platform Home Loans and see if they can apply for membership of the Platform Home Loans conveyancing panel, but if that is not viable Platform Home Loans will instruct their own lawyers to represent them. You don't have to instruct a firm on the Platform Home Loans conveyancing panel and you may continue to use your own solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
My son-in-law is in the process of securing a newly built flat with a mortgage from Platform Home Loans. His conveyancer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Platform Home Loans conveyancing panel as a standard part of the process, and to the valuer when asked.
The Developer will be required to start the process by downloading the form and completing it.
The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Platform Home Loans conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Do lenders provide you with an approved list of solicitors? How do you know who is on the Platform Home Loans conveyancing panel?
The firms themselves provide us confirmation that they are on the Platform Home Loans conveyancing panel as opposed to being supplied with a list from Platform Home Loans directly.
My grandmother passed away last year and as sole heir and executor was left the house. The house had a relatively small loan remaining of approximately £5k. I want to have the title changed into my name whilst I re-mortgage to Platform Home Loans , pay off the mortgage etc. Is this allowed?
If you intend to re-mortgage then Platform Home Loans will insist on your using a conveyancer on the Platform Home Loans conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Platform Home Loans conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Platform Home Loans mortgage is registered as a charge at the Land Registry.
My fiance and I are at the point of looking at apartments and now considering a potential offer. Should I already have a conveyancer appointed at this stage? I will be getting a home loan with Platform Home Loans
You should start obtaining conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on the the EA. As you are getting a mortgage with Platform Home Loans , ask your prospective lawyers check they are on the Platform Home Loans conveyancing panel otherwise they can't do the mortgage legal work.
My existing mortgage is with Platform Home Loans. My grandfather has just retired and wants to pay off my mortgage. After Platform Home Loans is paid, I want to transfer the property to my mother's name; How long will it roughly take? Do we need two separate solicitors on the Platform Home Loans conveyancing panel? I do not intend to live at the property once the Platform Home Loans mortgage is discharged.
will need a solicitor but they need not be on the Platform Home Loans conveyancing panel.
You will need a solicitor to draw up the transfer and
to deal with the Land Registry formalities. The only thing you need to
consider is that by selling at an undervalue so ask your lawyer about
the implications. There could be an inheritance tax issue if you die
within 7 years of this. As the property is your main residence you need
not pay CGT but you should speak with your accountants in any event.
I have instructed a lawyer having made sure that they are on the Platform Home Loans conveyancing panel. Does my lawyer arrange the survey of the property?
Having digested plenty of mortgage guides,I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my solicitor - who is on the Platform Home Loans conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Platform Home Loans will need an independent valuation of the property. Your lawyer will not arrange this. Usually Platform Home Loans will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey.
You may wish to consider appointing your own surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by postcode. As you are getting a mortgage with Platform Home Loans you could contact your them to see if they have a list of approved surveyors.