My husband and I are hoping to buy a home in Borough Green and are in fact using a Borough Green conveyancing practice. 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 Ltd have this afternoon contacted us to inform me that they have now hit a problem as our Borough Green lawyer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is usual 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 lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Borough Green solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
My husband and I are buying a newly built duplex in Borough Green and my lawyer is telling me that she is duty bound to the lender to disclose incentives from the developer. I am under pressure to exchange contracts and I don't want to delay the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Various online forums that I have visited warn that are the number one reason for delay in Borough Green house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of hindrances during the legal transfer of property. Searches are unlikely to feature in any slowing down conveyancing in Borough Green.
3 months have gone by since my purchase conveyancing in Borough Green took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. 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.
In sourcing the world wide web for the term conveyancing in Borough Green it reveals many conveyancerslocally. How do I determine which is the right property lawyer for purchase transaction?
The best method of seeking a suitable conveyancer is via personal recommendation, so seek the opinion of colleagues and those you trust who have bought a property in Borough Green or a local estate agent or financial adviser. Charges for conveyancing in Borough Green vary, so it's a good idea to request a minimum of four quotes from varying types of law firms. Make sure that you know that the charges are assured not to increase.