I am due to complete on the purchase of a property in Milton but as a consequence of wreckage from a small fire at the property I have was able negotiate reparation from the vendor in the sum of £2k in the form of a reduction in the price. This was going to be addressed as part of a side agreement however Co-operative are not allowing this. Why were they notified?
Your conveyancer that is on a Co-operative approved list is obliged to disclose to Co-operative of any variations to the purchase price. If you prohibit your conveyancing practitioner to report the reduction to Co-operative then they would have to discontinue acting for you. In addition, Co-operative and you would have to appoint a new lawyer for your conveyancing in Milton.
What happens if my solicitor is suspended from the Principality Solicitor panel ahead of completing my conveyancing in Milton?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
three months have elapsed since my purchase conveyancing in Milton completed. I have checked the Land Registry site which shows that I paid £150,000 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 premises 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.
How does conveyancing in Milton differ for newly converted properties?
Most buyers of new build residence in Milton contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is built. This is because developers in Milton typically buy the site, 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 used to new build conveyancing in Milton or who has acted in the same development.
My nephew is embarking on her first house purchase, the home loan was agreed last week in principle. After the offer was accepted on house we telephoned the mortgage institution to progress the mortgage application. We were very surprised to learn that mortgage companies do not accept all conveyancing practitioner, they have to be on a list, is this legal?
Mortgage Companies tend to restrict either the type or the number of conveyancing practices on their panel. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Milton property lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Presumably not.