I was advised recently by my mortgage adviser that my Cambourne property lawyer is not on the bank Solicitor panel. How can I be sure if this is correct?
The best course of action for you to take is to contact your Cambourne lawyer directly. It is reasonable to expect your lawyer to advise you of the situation. Where they are not on the panel they may recommend you to a Cambourne conveyancing firm that is on the approved list of lawyers for your lender.
Due to move into my new home in Cambourne next Tuesday. My conveyancing practitioner now wants me to supply her with evidence of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the bank. What does the insurance need to cover?
Any lawyer on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 requirements. These obligations are not unique to conveyancing in Cambourne.
we are a couple who are purchasing a 1 bedroom apartment in Cambourne with a loan from Clydesdale.We like our Cambourne conveyancing lawyer but Clydesdale advised that she’s not on their "panel". we are left little option but to use a Clydesdale panel solicitor or keep our high street solicitor and pay for a Clydesdale panel lawyer to act for them. We feel as though this is unjust; Can we not simply insist that Clydesdale use our lawyer?
Unfortunately,no. The loan offered to you is subject to its terms and conditions, one of which will be that conveyancers will be on the Clydesdale conveyancing panel. Until recently, most mortgage companies 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 solicitors to apply to be on the conveyancing panel for Clydesdale
I have been told that property searches are the number one reason for obstruction in Cambourne house deals. Is this right?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not figure within the common causes of hindrances during the legal transfer of property. Searches are not likely to be the root cause of delay in conveyancing in Cambourne.
I am buying a new build house in Cambourne benefiting from help to buy. The sellers refused to move on the amount so I negotiated five thousand pounds worth of extras instead. The estate agent told me not inform my solicitor about this extras as it would put at risk my mortgage with the lender. 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.
What can I do to discover who is the owner of a property in Cambourne?
On the basis that the premises is recorded at HM Land Registry, and you have sufficient details of the address of the premises, you should be able to view details from the the Land Registry of the recorded proprietor for a fee.