My partner and I are intent on purchasing an apartment in Chaddesden. My Solicitor has never been on on the mortgage company conveyancing panel. Am I still permitted to use my Chaddesden conveyancing solicitor even though they are excluded from the lender list of approved lawyers?
You have a couple of options open to you here
- Complete the purchase with your preferred Chaddesden conveyancing practitioner but your lender will undoubtedly use a conveyancer from their approved list. This will result in additional cost together with likely interruption.
- Choose a fresh property lawyer to act in the purchase, obviously checking they are on the bank conveyancing panel.
- Convince your lawyer to pull out all the stops to get accepted on the lender’s conveyancing panel
We have rather pushy vendors who has suggested a lock out agreement with a deposit 10k. Are such agreements the norm for Chaddesden conveyancing transactions?
There are two primary concerns with executing a lock out agreement (sometimes referred to as a no-shop agreement) is that it takes away the focus from progressing with the conveyancing process, so unless it requires little or no negotiation then it may turn out to be a cause of frustration and delay. It is not promoted by Chaddesden conveyancing lawyers as a result. The other main concern is the extent of the remedies available - a jilted buyer is not likely to obtain an injunctive ruling by a court to prevent the seller completing the sale to another buyer, so the only remedy open via the agreement will be the recovery of abortive charges and, in rare scenarios, the additional payment of damages.
Please help - my lawyer advises that flying freehold insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Chaddesden?
The right level of flying freehold indemnity insurance depends on your lender. It would differ for example between Yorkshire Building Society and Bank of Scotland. Conveyancing solicitors as opposed to borrowers take out such policies.
I had an offer accepted on an apartment in Chaddesden on 29/1/2025, valuation was booked five days after, all came back fine. Property lawyer instructed, so the only thing outstanding was my mortgage offer. Having made daily calls to HSBC and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the HSBC conveyancing panel. Are HSBC entitled to hold back the Mortgage pending the lawyer being on the approved list?
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for HSBC to deal with your lawyer's application to be on the HSBC conveyancing panel. There's no guarantee that your solicitor will be accepted.
At last I have had an offer on a flat in Chaddesden accepted, the vendors do however have an associated purchase. The owners have put an offer on a property, but it’s not been accepted yet, and have viewings of other apartments booked. I have chosen a local conveyancing solicitor in Chaddesden. What should be my next step? When should I get the mortgage application with HSBC started?
It is normal to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then valuation, Chaddesden conveyancing search charges, etc). First, you must ensure that your conveyancing practitioner is on the HSBC conveyancing panel. As to the next phase this very much depends on the uniqueness of your transaction, desire for this property and on the state of the market. During a rising market many buyers will apply for a home loan with HSBC and arrange for the valuation and only if it comes back ok would they request their lawyer to press on with searches.
I need some expedited conveyancing in Chaddesden as I am under pressure to exchange contracts in less than 3 weeks. Thankfully I do not need a mortgage. Is it possible to avoid the conveyancing searches to save money and time?
As you are are a cash buyer you have the choice not to have searches conducted although no law firm would advise that you don't. With plenty of history conveyancing in Chaddesden the following are examples of issues that can be revealed and adversely impact future saleability: Refused Planning Applications, Outstanding Fees, Outstanding Grants, Railway Schemes,...
I'm buying my first flat in Chaddesden benefiting from help to buy. The sellers would not reduce the price so I negotiated £7000 of extras instead. The property agent suggested that I not inform my conveyancer about this deal as it will affect 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.
Should I choose a Chaddesden conveyancing practitioner based in the vicinity that I am purchasing? An old friend can execute the legal formalities however her office is 200kilometers away.
The benefit of a local Chaddesden conveyancing practice is that you can visit the firm to execute paperwork, present your ID and apply pressure on them if necessary. They will also have local insight which is a plus. That being said nothing is more important than finding someone that will pull out all the stops for you. If other friends have used your friend and in the main were impressed that should surpass using an unfamiliar Chaddesden conveyancing solicitor just because they are round the corner.