My fiance and I are looking to purchase a house in Pentraeth and are in fact using a Pentraeth conveyancing firm. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. The Mortgage Works have this afternoon contacted us to advise us that there is now an issue as our Pentraeth solicitor is not on their approved list of lawyers. What do we do from here?
If you are buying a property needing a mortgage it is usual for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Pentraeth lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
My god-son is buying a house that has just been built in Pentraeth with a home loan from Principality. His lawyer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The form is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Principality conveyancing panel as a standard part of the process, and to the surveyor when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Principality conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My property lawyer in Pentraeth is not listed on the Norwich and Peterborough Building Society Conveyancing Panel. Is it possible for me to retain my family solicitor notwithstanding that they are excluded from the Norwich and Peterborough Building Society panel of approved conveyancing solicitors?
Your options are as follows:
- Carry on with your preferred Pentraeth solicitors but Norwich and Peterborough Building Society will need to use a lawyer on their panel. This will inevitably rack up the total legal charges and result in frustration.
- Get an alternative lawyer to to deal with the purchase, not forgetting to check they are Norwich and Peterborough Building Society approved.
- Persuade your Norwich and Peterborough Building Society solicitor to try to join the Norwich and Peterborough Building Society panel
I moved into my house on 11 September and my personal details is yet to be on the land registry website. Need I be worried? My conveyancing solicitor in Pentraeth advises it will be recorded inside ten days. Are titles in Pentraeth particularly slow to register?
As far as conveyancing in Pentraeth registration is no faster or slower than the rest of England and Wales. As opposed to being determined by geographic area, timescales can differ according to who lodges the application, whether it is in order and if the Land registry must send notices to any other parties. As of today roughly 80% of such applications are completed within 12 days but occasionally there can be protracted hold-ups. Historically registration takes place once the purchaser has moved in to the property thus an expedited registration is not usually top priority yet if it is urgent that the the registration takes place urgently then you or your solicitor must contact the land registry and explain the circumstances.
I am purchasing a new build house in Pentraeth with the aid of help to buy. The developers would not move on the amount so I negotiated 6k of additionals instead. The sale representative advised me not reveal to my solicitor about the side-deal as it could affect my mortgage with the lender. Is this normal?.
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.