Do the Building Society Association intend to launch a online directory to list solicitors on the Loughborough BS conveyancing panel for instance in Newark?
We have not been informed any plans on the part of the BSA to develop such a tool.
I'm the single recipient of my late father’s will with all property in now in my sole name, including the my former home in Newark. Conveyancing formalities meant that the Land Registry date was in June. I plan to dispose of the property. I understand that there is a CML six month 'rule', meaning my property ownership may be treated the same way as though I had purchased the property in June. Will no one buy the property for half a year?
The CML handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be impacted by that. Some mortgage companies would take a practical view as this requirement is primarily there to capture subsales or the wholesaling and assigning of properties.
Is it the case that all Newark CQS (Conveyancing Quality Scheme) solicitors are on the Nationwide conveyancing panel?
It is true that some lenders now use CQS as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their approved list of conveyancing solicitors.
I am selling my flat. I had a double glazing fitted in July 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Aldermore are being pedantic. The Newark solicitor who is on the Aldermore conveyancing panel is recommending indemnity insurance as a solution but Aldermore are insisting on a building regulation certificate. Why do Aldermore have a conveyancing panel if they don't accept advice from them?
It is probably the case that Aldermore have referred the matter to their valuer. The reason why Aldermore may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I am purchasing my first flat in Newark with a loan from Nottingham Building Society. The builders refused to budge the price so I negotiated £7000 of extras instead. The property agent suggested that I not reveal to my solicitor about the deal as it may jeopardize my loan with Nottingham Building Society. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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 house I have offered on a fortnight ago in what should have been a quick, chain free conveyancing. Newark is where the house is located. Is there any advice you can impart?
Flying freeholds in Newark are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Newark you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Newark may ascertain 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 premises.
Taking into account that I will soon spend 450k on a property in Newark I wish to talk to a conveyancer about myhome move in advance of instructing the firm. Is this something that you can arrange?
This is something that we recommend - it is our preference to talk to you we do not take any clients on without you liaising with the conveyancer due to be conducting your property ownership legalities in Newark.There is no ‘factory style conveyancing’ - each client is unique individual, not a case reference. The solicitors that we put you in touch with believe that the fees you are provided with for residential conveyancing in Newark should be the figure that you end up paying.