Me and my wife are purchasing an apartment in Borehamwood. My Conveyancer is not listed on the mortgage company solicitor list. Am I still permitted to appoint my Borehamwood conveyancing solicitor even though they are excluded from the bank panel of approved conveyancing solicitors?
You have numerous choices available to you here
- Proceed with your preferred Borehamwood lawyer but your mortgage company will no doubt retain a property lawyer from their approved list. This will result in additional charges together with probable frustration.
- Appoint a new conveyancing practitioner to conduct the conveyancing, making sure they are on the lender conveyancing panel.
- Convince your lawyer to attempt to join the lender panel
We see that you have a search directory listing solicitors on the TSB conveyancing panel. Do companies pay you a referral fee if I appoint them for our conveyancing in Borehamwood?
We are a listing service only for law firms wishing to communicate if they are on the TSB conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Borehamwood.
Will my conveyancer be raising enquiries about flooding during the conveyancing in Borehamwood.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Borehamwood. Some people will buy a property in Borehamwood, fully expectant that at some time, it may be flooded. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not qualified to give advice on flood risk, but there are a numerous checks that can be initiated by the buyer or by their solicitors which will give them a better understanding of the risks in Borehamwood. The standard completed inquiry forms sent to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) contains a usual inquiry of the owner to discover if the property has historically flooded. In the event that the residence has been flooded in past and is not notified by the vendor, then a buyer could bring a compensation claim as a result of such an misleading reply. A buyer’s solicitors may also conduct an enviro report. This will indicate whether there is any known flood risk. If so, further inquiries will need to be initiated.
I am buying my first flat in Borehamwood benefiting from help to buy. The sellers would not move on the amount so I negotiated £7000 of additionals instead. The house builders rep advised me not inform my solicitor about the deal as it will put at risk my loan with the bank. Is this normal?.
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 a fortnight ago in what should have been a straight forward, no chain conveyancing. Borehamwood is where the house is located. Is there any guidance you can give?
Flying freeholds in Borehamwood are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Borehamwood you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Borehamwood 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 residence.
I have been advised by a number of estate agents in Borehamwood to choose a property lawyer on your site. Is there a financial incentive for Estate Agents to recommend your services over another?
We don’t offer any financial incentive for directing people in our direction. We found it would be just too difficult a fee because a client could think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.