Are the Lakenham conveyancing solicitors identified as being on the Barclays conveyancing panel, together with their details provided by Barclays?
Lakenham conveyancing firms themselves provide us confirmation that they are on the Barclays conveyancing panel as opposed to being supplied with a list from Barclays directly.
I had intended to instruct a conveyancing solicitor in Lakenham for our house purchase. Our financial adviser has since notified us that our mortgage company Bank of Scotland won't deal with them. Why is this not regarded as unfair competition?
Mortgage Companies ordinarily imposes restrictions either the category or the volume of conveyancing firms on their panel. A common example of such restriction(s) being that a law practice must have two or more partners. In addition to restricting the profile of firm, some have decided to limit the number of solicitor practices they permit to represent them. You should note that Bank of Scotland have no responsibility for the quality of advice provided by any member of Bank of Scotland Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of conveyancing panels a few years ago even though there remains mixed views about the level of solicitor engagement in some of that fraud. Figures from the Land Registry reveal that thousands of law firms, including some in or near Lakenham only perform one or two conveyances per annum.
This question may be naive but I am unseasoned as FTB of a ground floor flat in Lakenham. Do I receive the keys to the property on the completion date from my solicitor? If this is the case, I will instruct a local conveyancing solicitor in Lakenham?
On the day of completion you will not be required to go to the conveyancers office in Lakenham. Conveyancing lawyers for you will transfer the purchase money to the vendor’s lawyers, and once they have received this, you should be able to receive the keys from the selling Agents and move into your new home. This tends to happen early afternoon.
I have paid off my mortgage with Leeds Building Society. I assume I don't need a Lakenham property lawyer on the Leeds Building Society panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Leeds Building Society 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 Leeds Building Society mortgage from the register. Leeds Building Society, 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 Leeds Building Society has sent the Land Registry the discharge electronically, and
- Leeds Building Society has instructed the Land Registry to do so
I recently had an offer agreed on a house in Lakenham. My mortgage broker pressured me to appoint their property lawyer. I paid an advanced payment of £200. Soon after, the lawyer contacted me sheepishly admitting that they were not on the Barclays conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Barclays panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I am purchasing a new build house in Lakenham with a mortgage from National Westminster Bank. The builders refused to budge the amount so I negotiated 6k of fixtures and fittings instead. The sale representative told me not reveal to my conveyancer about this extras as it would put at risk 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.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in two weeks back in what should have been a quick, chain free conveyancing. Lakenham is the location of the property. Can you shed any light on this issue?
Flying freeholds in Lakenham are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Lakenham you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Lakenham may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.