My wife and I are planning to purchase a 1 bedroom apartment in Brading with a mortgage. We wish to retain our Brading solicitor, but the mortgage company advise he's not on their "panel". It seems we have little option but to instruct one of the lender panel solicitors or keep our Brading conveyancing practitioner as well as pay for one of their panel ones to represent them. We consider that 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 Brading conveyancing lawyer to apply to be on the conveyancing panel.
It is a dozen years since I acquired my house in Brading. Conveyancing solicitors have just been appointed on the sale but I can't track down my deeds. Will this cause complications?
You need not be too concerned. Firstly the deeds may be with your mortgage company or they could be archived with the solicitor who acted in the purchase. Secondly in most cases the title will be registered at the land registry and you will be able to establish that you own the property by your conveyancing lawyers obtaining up to date copy of the land registers. Almost all conveyancing in Brading relates to registered property but in the unlikely event that your property is unregistered it is more problematic but is resolvable.
We're in Brading, FTBs buying with a mortgage (lender is Kent Reliance , and our lawyer is on the Kent Reliance conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Kent Reliance conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
My father advised me that in buying a property in Brading there may be various restrictions as to what one can do in terms of external changes to a property. Is this right?
We are aware of a number of properties in Brading which have some sort of restriction or requirement of consent to execute external variations. Part of the conveyancing in Brading should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Is it the case that all Brading CQS (Conveyancing Quality Scheme) solicitors are on the Lloyds conveyancing panel?
Some major banks and building societies now utilise CQS as the kick off point for Panel membership such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their panels.
I have instructed a Brading lawyer having checked that they are on the Nottingham conveyancing panel. Does my lawyer arrange the survey of the property?
Nottingham will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nottingham will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Brading postcode. As you are getting a mortgage with Nottingham, you could contact them to see if they have a list of approved surveyors in Brading.
The deeds to my property can not be found. The conveyancers who conducted the conveyancing in Brading 10 years ago are no longer around. What are my next steps?
Gone are the days when you need to have the physical official documentation to establish that you are the owner of your registered land or property, given that the Land Registry have everything they need in a digital format.
I am buying a new build house in Brading with a loan from Accord Mortgages Ltd. The builders refused to budge the price so I negotiated £7000 of additionals instead. The property agent advised me not disclose to my solicitor about the extras as it would impact my loan with Accord Mortgages Ltd. 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.