Am I correct in assuming that the fact that my solicitor in Northampton is not identified on my bank's solicitor panel that there is a problem with the standard of his conveyancing?
It would not be wise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Northampton conveyancing firm and enquire why they are no longer on the approved list for your mortgage company.
Why do I have to pay up front for my conveyancing in Northampton?
If you are buying a property in Northampton your lawyer will request that you put them with monies to cover the search fees. This will be the total of the cost of the Local Authority Search. When the deposit is payable against the purchase price then this should be required immediately before exchange of contracts. Any further balance that is needed should be transferred a few days ahead of the completion date.
This question may be naive but I am wet behind the ears as a first time buyer of a ground floor flat in Northampton. Do I pick up the keys to the house on the completion date from my conveyancer? If this is the case, I will use a local conveyancing solicitor in Northampton?
There is no need to visit the lawyers office on the day of completion. Your solicitors will transfer the completion advance to the vendor’s conveyancers, and shortly after the monies have arrived, you should be called to collect the keys from the selling Agents and start moving into the property. Usually this happens between 1 and 3pm.
I have today made my last payment due on my mortgage with Clydesdale. I assume I don't need a Northampton solicitor on the Clydesdale panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Clydesdale 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 Clydesdale mortgage from the register. Clydesdale, 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 Clydesdale has sent the Land Registry the discharge electronically, and
- Clydesdale has instructed the Land Registry to do so
HSBC have agreed my mortgage in principle, my offer on a apartment in Northampton has been agreed to, what are the next steps?
Your property agent will want to be informed of your lawyer's details (ensure that the solicitors are on the lender’s approved list). Call up HSBC or the financial adviser and finalise any relevant documentation. HSBC will instruct a valuer who will get in contact with the estate agent or vendor to book an appointment. Once conducted (assuming no problems) it takes on average ten days for the mortgage offer to be issued. HSBC will issue the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Northampton.
I am purchasing a new build house in Northampton with a mortgage from Skipton Building Society. The developers refused to reduce the amount so I negotiated £7000 of additionals instead. The property agent advised me not disclose to my lawyer about this side-deal as it will put at risk my loan with Skipton Building Society. Do I keep my lawyer in the dark?.
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.
Me and my partner are purchasing a leasehold apartment in Northampton. Conveyancing quotes are coming in at around £1800. Is that in the right ballpark?
The average fee in 2014 for conveyancing in Northampton was £1,395 excluding SDLT and Land Registry fees.