We are purchasing a 1 bedroom apartment in Beckenham with a mortgage. We would like to retain our Beckenham lawyer, however the mortgage company says she’s not on their "panel". We have to appoint one of the mortgage company panel solicitors or retain our Beckenham conveyancer and pay for one of their panel ones to act for them. We regard this is inequitable; is there anything we can do?
Unfortunately,no. 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 Beckenham conveyancing lawyer to apply to be on the conveyancing panel.
Can the conveyancing solicitors identified via your search tool execute attended exchange conveyancing in Beckenham?
We do have a number of conveyancing specialists carrying out attended exchanges. Do call us to get a conveyancing quote and details as to availability.
I am the registered owner of a freehold premises in Beckenham but nevertheless charged rent, why is this and what is this?
It is rare for properties in Beckenham and has limited impact for conveyancing in Beckenham 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 date back hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
I am purchasing my first flat in Beckenham with the aid of help to buy. The sellers refused to move on the price so I negotiated £7000 of extras instead. The house builders rep advised me not inform my conveyancer about this deal as it will affect my mortgage with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
How do I use your search tool to find a conveyancing lawyer in Beckenham on the authorised to act for my mortgage?
First select a mortgage company such as National Westminster Bank, The Mortgage Works or Nottingham Building Society then type in your preferred area for example Beckenham. Conveyancing organisations in Beckenham and beyond should be shown.
My son is just in the process of moving home, he had his mortgage in principle. When the seller agreed the offer on the house we contacted the lender to progress the mortgage application. We were disappointed to learn that mortgage companies do not accept all conveyancer, they have to be on a list, is this legal?
Mortgage Companies ordinarily restrict either the type or the number of conveyancing firms on their approved list of lawyers. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Beckenham conveyancer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.