My wife and I are planning to buy a property in Much Hadham and are in fact using a Much Hadham conveyancing practice. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through with a view to exchanging next week. Bank of Scotland have this evening contacted us to inform me that there is now an issue as our Much Hadham solicitor is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance 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 solicitor 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 Much Hadham lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Are the Much Hadham conveyancing solicitors identified as being on the Clydesdale conveyancing panel, together with their details provided by Clydesdale?
Much Hadham conveyancing firms themselves provide us confirmation that they are on the Clydesdale conveyancing panel as opposed to being supplied with a list from Clydesdale directly.
I have a decision in principle. The lender mentioned the home loan came with free conveyancing. Is the implication that I have to instruct their panel conveyancer as I would prefer to appoint a high street conveyancing solicitor in Much Hadham?
You should check but the the probability is that allocate you one of their panel lawyers should you want the "fee-free" offer. Speak to the mortgage company and see if they make available a monetary alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case that money can go towards your preferred conveyancing solicitor near Much Hadham.
What will a local search reveal about the house we're purchasing in Much Hadham?
Much Hadham conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search organisations for example Onsearch The local search plays a central part in many a Much Hadham conveyancing purchase; as long as you don’t want any nasty surprises after you move into your property. The search will provide information on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject areas.
I'm purchasing my first flat in Much Hadham with the aid of help to buy. The sellers would not reduce the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent suggested that I not reveal to my solicitor about the side-deal as it would affect my loan with Halifax. 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.
Due to the advice of my in-laws I had a survey completed on a house in Much Hadham before appointing conveyancers. I have been informed that there is a flying freehold element to the house. The surveyor has said that some banks may not give a mortgage on such a premises.
It depends who your proposed lender is. HSBC has different requirements for example to Nationwide. If you call us we can check with the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Much Hadham. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Much Hadham to see if the conveyancing costs will increase in light of this.