I am considering remortgaging my property in Broadclyst, does my lawyer need to be on the Bank of Ireland Conveyancing panel?
In theory, you could use a solicitor that is not on the Bank of Ireland conveyancing panel, but Bank of Ireland would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
The formalities of my remortgage has taken place for my property in Broadclyst. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
Most lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Department at head office. We understand that complaints to a lender are sorted out effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
I can not fathom if my mortgage offer requires a lease extension. I have called into my local Broadclyst building society branch on a couple of occasions and was told it does not impact the mortgage offer and they will lend. My Broadclyst conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they will not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Provided that the solicitor is on the mortgage company panel, they must adhere to the CML Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I was told three weeks ago that my mortgage has been agreed to by Virgin Money. Is it usual for Virgin Money to only issue the offer once my solicitor in Broadclyst is approved on their conveyancing panel? Virgin Money have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Virgin Money to deal with your lawyer's application to be on the Virgin Money conveyancing panel. There's no guarantee that your solicitor will be accepted.
Should our conveyancer be making enquiries regarding flooding as part of the conveyancing in Broadclyst.
Flooding is a growing risk for solicitors carrying out conveyancing in Broadclyst. Plenty of people will purchase a house in Broadclyst, completely aware that at some time, it may be flooded. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to offer advice on flood risk, but there are a numerous searches that can be undertaken by the purchaser or on a buyer’s behalf which will figure out the risks in Broadclyst. The standard information given to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a usual question of the vendor to find out if the property has historically flooded. If flooding has previously occurred which is not notified by the owner, then a purchaser may issue a compensation claim as a result of such an misleading answer. The purchaser’s conveyancers should also carry out an environmental report. This should higlight if there is a recorded flood risk. If so, further inquiries will need to be made.
It has been 2 months since my purchase conveyancing in Broadclyst completed. I have checked the Land Registry website which shows that I paid £150,000 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 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 purchasing my first flat in Broadclyst with the aid of help to buy. The sellers would not reduce the price so I negotiated five thousand pounds worth of extras instead. The house builders rep told me not reveal to my lawyer about this extras as it could jeopardize my mortgage with the lender. 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 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 have been recommended a conveyancing solicitor in Broadclyst. I I would like to check if they are listed on the lender's conveyancing panel. Could you advise?
One option is to phone your conveyancer to enquire if they are on the bank's approved list. Alternatively please get in touch with us and we can make some checks for you. If they are not on the conveyancing panel we we can help find a specialist conveyancing solicitor in Broadclyst on the approved list for your lender.