I am acquiring a new build flat in Hollywood and my lawyer is telling me that she is duty bound to the bank to reveal incentives from the builder. I am under pressure to exchange and I don't want to prolong the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
My uncle passed away six months ago and as sole heir and executor I was left the house in Hollywood. The house had a small mortgage left on it of around £8000. I want to have the title changed into my name whilst I re-mortgage to RBS, pay off the mortgage. Is this possible?
Where you intend to re-mortgage then RBS will require that you use a conveyancer on the RBS conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your RBS conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the RBS mortgage is registered as a charge at the Land Registry.
Can you point me to a directory of Virgin Money panel solicitors in Hollywood on the Building Society Association’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association sites. Very few lenders make their panel listings visible on the web. Where you are in need of a Hollywood property lawyer on the Virgin Money please use our tool.
I recently had an offer accepted on an apartment in Hollywood. My financial adviser suggested a conveyancing practitioner. I paid an upfront payment of £175. Not long after, the conveyancer called me embarrassingly acknowledging that they were not on the TSB conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the TSB panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I am due to exchange contracts on my house. I had a double glazing fitted in June 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Lloyds are being a right pain. The Hollywood solicitor who is on the Lloyds conveyancing panel is saying indemnity insurance will be fine but Lloyds are insisting on a building regulation certificate. Why do Lloyds have a conveyancing panel if they don't accept advice from them?
It is probably the case that Lloyds have referred the matter to their valuer. The reason why Lloyds 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.
How does conveyancing in Hollywood differ for new build properties?
Most buyers of new build premises in Hollywood come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because builders in Hollywood typically purchase the real estate, 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 property lawyers 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 Hollywood or who has acted in the same development.
I was recommended by two or three local property agents in Hollywood to choose a solicitor on your site. Is there a financial incentive for Estate Agents to offer your site over another?
We refuse to give any referral fee for directing people in our direction. We thought it would be too underhand a fee as home movers will think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.