We are purchasing a 2 bedroom flat in Failsworth with a mortgage. We have a Failsworth lawyer, however the lender advise she’s not on their "panel". We have to appoint one of the bank panel conveyancing practices or retain our Failsworth solicitor and pay for one of their panel ones to represent them. We consider that this is unjust; can we not insist that the lender use our Failsworth conveyancing practitioner ?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Failsworth conveyancing lawyer to apply to be on the conveyancing panel.
My husband and I are nearing an exchange on a flat in Failsworth and my parents have sent the 10% deposit to my conveyancing practitioner. I am now advised that as the deposit has been received from someone other than me my property lawyer needs to disclose this to my bank. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I disclosed to the lender concerning my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your solicitor is legally required to check with the bank to ensure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
I am the registered owner of a freehold property in Failsworth but nevertheless pay rent, why is this and what is this?
It is rare for properties in Failsworth and has limited impact for conveyancing in Failsworth but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
I'm buying a new build house in Failsworth with the aid of help to buy. The builders would not reduce the amount so I negotiated £7000 of fixtures and fittings instead. The house builders rep told me not disclose to my lawyer about the extras as it could jeopardize my loan with the bank. Should I keep quiet?.
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.
Over the last few months I have been searching for a flat up to £245,000 and identified one close by in Failsworth I like with open areas and railway links in the vicinity, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in Failsworth for this price, so just wondered if I would be making a mistake buying a short lease?
Should you need a home loan the remaining unexpired lease term will be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
What is the reason for my conveyancer requiring numerous items of identification ahead of starting selling or buying a property in Failsworth?
Failsworth property lawyers are required by the Law Society, Solicitors Regulation Authority, the Land Registry and current AML legislation to record that the have verified the identity of their clients. It is also sometimes a condition of your mortgage offer. Furthermore they have to complete various forms, particularly those relating to stamp duty land tax and need to have details such as your full names, NI number and DOB.