My wife and I are purchasing a new build flat in Boston and my conveyancer is informing me that she has to the lender to disclose incentives from the builder. I am under pressure to exchange contracts and I don't want to prolong matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
What is the best way to discover of the solicitor handling my conveyancing in Boston is on the bank’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Lloyds TSB Bank thus paying £187.00 plus VAT in another set of conveyancing bill.
Please do make use of the find a conveyancing panel solicitor tool on this page. Pick the lender and type ‘Boston’ or your location and you will see a number of lawyer based in Boston or nearest you.
I'm the sole beneficiary of my late mum's estate and I have everything in my name now, including the my former home in Boston. Conveyancing formalities meant that the Land Registry date was in October. I plan to dispose of the property. I understand that there is a Mortgage Lenders six month 'rule', which means that my property ownership could be regarded the same way as though I had purchased the property in October. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be caught by that. How sensible a view mortgage companies take of it, depend on the mortgage company as this clause principally exists to pick up on the purchase and immediately sell or the quick reselling of properties.
I have decided to exercise my right to buy my property in Boston off the council. I have a mortgage offer with Kent Reliance. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Kent Reliance, you will need to appoint a solicitor on the Kent Reliance conveyancing panel.
Completion of my remortgage has taken place for my property in Boston. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
Almost all lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Team at head office. Ordinarily complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
Various web forums that I have frequented warn that are the number one cause of hinderance in Boston conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not figure within the top 10 causes of hindrances in the conveyancing process. Local searches are not likely to feature in any delay in conveyancing in Boston.
How does conveyancing in Boston differ for newly converted properties?
Most buyers of new build residence in Boston come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is finished. This is because developers in Boston tend to acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Boston or who has acted in the same development.