We are purchasing a 3 bedroom apartment in Camden with a mortgage. We like our Camden solicitor, however the lender advise he's not on their "panel". We have to appoint one of the mortgage company panel firms or continue with our Camden solicitor as well as pay for one of their panel firms to represent them. We regard this is unjust; is there anything we can do?
Unfortunately,no. The mortgage offered to you 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 Camden conveyancing solicitor to apply to be on the conveyancing panel.
Our lawyer has uncovered a a problem with the lease for the property we are purchasing in Camden. The seller’s lawyers have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancing practitioner says that he must be satisfied that the lender is happy with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancing practitioner will have no choice but to discontinue acting for you.
We are planning to acquire a property and need a conveyancing solicitor in Camden who is on the Coventry BS solicitor panel. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Coventry BS . We don't recommend any particular firms conducting conveyancing in Camden.
I'm buying a new build house in Camden with a loan from Bank of Ireland. The developers refused to move on the amount so I negotiated £7000 of extras instead. The estate agent told me not reveal to my solicitor about the extras as it would jeopardize my mortgage with the bank. Do I keep my lawyer in the dark?.
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.
I decided to have a survey completed on a house in Camden in advance of appointing lawyers. I have been told that there is a flying freehold aspect to the house. Our surveyor has said that some lenders tend not grant a mortgage on this type of home.
It depends who your proposed lender is. Bank of Scotland has different requirements from Birmingham Midshires. If you contact us we can look into this further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Camden. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Camden to see if the conveyancing costs will increase in light of this.
Estate agents have just been given the go-ahead to market my basement apartment in Camden.Conveyancing solicitors are to be appointed soon however I have recently received a yearly service charge demand – Do I pay up?
It best that you pay the service charge as normal as all ground rent and service payments will be allottedon completion, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process