When it comes to lenders such as Coventry BS, do Cheddleton solicitors face a yearly amount to be on the conveyancing panel?
We are not aware of any mortgage company fees to register on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
I have paid off my mortgage with TSB. I assume I don't need a Cheddleton lawyer on the TSB panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your TSB 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 TSB mortgage from the register. TSB, 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 TSB has sent the Land Registry the discharge electronically, and
- TSB has instructed the Land Registry to do so
About to purchase apartment in Cheddleton. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Co-operative conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Cheddleton property lawyer is on the Co-operative conveyancing panel.
five months have elapsed following my purchase conveyancing in Cheddleton concluded. I have checked the Land Registry site which shows that I paid £200,000 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.
I'm purchasing my first flat in Cheddleton benefiting from help to buy. The builders would not move on the amount so I negotiated five thousand pounds worth of additionals instead. The sale representative advised me not reveal to my solicitor about the deal as it will adversely affect my loan 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.
I opted to have a survey completed on a house in Cheddleton in advance of retaining conveyancers. I have been told that there is a flying freehold overhang to the house. My surveyor advised that some banks may not issue a mortgage on such a property.
It depends who your proposed lender is. Lloyds has different requirements from Halifax. Should you wish to telephone us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Cheddleton. Conveyancing will be smoother if you use a solicitor in Cheddleton especially if they are acquainted with such properties in Cheddleton.
Should I be wary that estate agents that I am dealing with are recommending a web based conveyancing firm as opposed to a High Street Cheddleton conveyancing practice?
As is the case with lots of professional services, often suggestions from family and friends can be extremely useful or valuable. Nevertheless there are many players in a conveyancing matter; estate agents, mortgage brokers and lenders might all recommend solicitors to choose. Sometimes the lawyers might be known to one of the organisations as one of the best in their field, but occasionally there exists a financial incentive behind the recommendation. You have the right to select your preferred lawyer. You need to be aware that the majority of banks operate an approved list of conveyancers you must use for the mortgage aspect of your conveyancing.