I had intended to instruct a conveyancing solicitor in Addlestone for our house purchase. Our broker has since advised us that our bank Birmingham Midshires won't deal with them. Why is this not regarded as unduly restrictive?
Banks ordinarily restrict either the category or the amount of conveyancing practices on their approved list of lawyers. Typical examples of such restriction(s) being that a law practice must not be a sole practitioner. In addition to restricting the profile of firm, a few lenders have decided to limit the number of firms they allow to act for them. You should note that Birmingham Midshires have no responsibility for the quality of advice provided by any member of Birmingham Midshires Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of conveyancing panels a few years ago even though there are mixed views concerning the extent of solicitor engagement in some of that fraud. Statistics from the Land Registry indicate that hundreds of law firms, including some in or near Addlestone only execute very few conveyances per annum.
I am purchasing my first flat in Addlestone benefiting from help to buy. The developers refused to reduce the price so I negotiated 6k of fixtures and fittings instead. The sale representative suggested that I not inform my solicitor about this extras as it could put at risk my mortgage with Nottingham Building Society. 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.
Yesterday I discovered that there is a flying freehold element on a house I have offered on two weeks back in what was supposed to be a straight forward, no chain conveyancing. Addlestone is where the house is located. Is there any advice you can give?
Flying freeholds in Addlestone are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Addlestone you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Addlestone may determine 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 property.
Am I better off to instruct a Addlestone conveyancing lawyer based in the area that I am buying? We have a good friend who can handle the legal formalities however his firm is located 200miles away.
The benefit of a high street Addlestone conveyancing practice is that you can drop in to sign documents, present your identification documents and apply pressure on them if necessary. They will also have local intelligence which is a plus. However nothing is more important than finding someone that will do a good and efficient job. If you know people who used your friend and on the whole were happy that should surpass using an unfamiliar Addlestone conveyancing lawyer solely due to them being round the corner.
I am hoping to sign contracts shortly on a leasehold property in Addlestone. Conveyancing solicitors have said that they will have a report out to me next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Addlestone should include some of the following:
-
Details of the parties to the lease, for example these could be the lessee, superior lessor, landlord You would want to be sent a copy of the lease Responsibility to repair and maintain the main walls and foundations. It is essential for you to know who is liable for the repair and maintenance of every part of the building What you can do if a neighbour is in violation of a provision in their lease? You must be told what counts as a Nuisance as far as the lease is concerned
I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can I apply to the Leasehold Valuation Tribunal? Can you recommend a Addlestone conveyancing firm to act on my behalf?
Most certainly. We are happy to put you in touch with a Addlestone conveyancing firm who can help.
An example of a Lease Extension decision for a Addlestone premises is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case was in relation to 1 flat. The unexpired term as at the valuation date was 82.93 years.
Our lenders have just issued us with a mortgage offer. We instructed a local conveyancer in Addlestone two days ago. Today, our broker phoned to advise us that the mortgage company said that we cannot use our solicitor as they aren't on their 'approved list'. As novices, we had no idea that the bank had a say Is this permitted?
You are at liberty to choose any conveyancing solicitor you want to select for your conveyancing in Addlestone but if they are not on the your lender's approved list you will have to incur additional cost so the mortgage company can retain their own solicitors as well to protect their interest. On occasion it is possible your preferred conveyancing firm to get included on to the bank list of approved firms. Do make the most of internet search facilities such as lenderpanel.com to find a conveyancing solcitor in Addlestone on the mortgage company panel. You can go into your local bank branch in Addlestone. They will know some good conveyancing solicitors in Addlestone on the panel for your mortgage company.