We wish to acquire a purpose built flat in Braunton with a homeloan from Lloyds TSB Bank.We use our Braunton conveyancing lawyer but Lloyds TSB Bank says his firm is not listed on their "panel". we are left little option but to use a Lloyds TSB Bank panel firm or retain our local solicitor and pay for a Lloyds TSB Bank panel lawyer to act for them. This seems very unfair; is there anything we can do?
No, not really. The home loan offered to you contains terms and conditions, a common one being that lawyers must be on the Lloyds TSB Bank approved list. Until recently, most mortgage companies 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 lawyer to apply to be on the conveyancing panel for Lloyds TSB Bank
Me and my partner are buying a apartment in Braunton. It might be a silly question but how we can trust a solicitor? On the day of competition we will need to send money into their account. What is the protection we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I have paid off my mortgage with HSBC. I assume I don't need a Braunton conveyancing practitioner on the HSBC panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your HSBC mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the HSBC mortgage from the register. HSBC, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where HSBC has sent the Land Registry the discharge electronically, and
- HSBC has instructed the Land Registry to do so
Having digested plenty of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Braunton solicitor - who is on the Yorkshire BS conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Yorkshire BS will need an independent valuation of the property. Your lawyer will not arrange this. Usually Yorkshire BS 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. 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 your Braunton postcode. As you are getting a mortgage with Yorkshire BS, you could contact them to see if they have a list of approved surveyors in Braunton.
3 months have gone by since my purchase conveyancing in Braunton completed. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £160,000. 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 asset 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 purchasing my first flat in Braunton benefiting from help to buy. The builders refused to reduce the amount so I negotiated 6k of additionals instead. The house builders rep advised me not disclose to my solicitor about this deal as it could affect my mortgage with Godiva Mortgages Ltd. Should I keep quiet?.
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 UK Finance website. UK Finance 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 decided to have a survey completed on a house in Braunton in advance of instructing lawyers. I have been told that there is a flying freehold aspect to the property. Our surveyor has said that some mortgage companies will refuse to give a loan on such a house.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Nationwide. If you e-mail us we can check with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Braunton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Braunton to see if the conveyancing will be more expensive.
I am looking into buying my first house which is in Braunton and I am already nervous. I couldn't find anything specific about Braunton. Conveyancing will be needed in due course but do you know about the Braunton area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Braunton. In the meantime here are some basic statistics that we found