My wife and I are purchasing a 3 bedroom apartment in Chesham Bois with a mortgage. We have a Chesham Bois conveyancer, but the mortgage company advise he's not on their "panel". We have to appoint one of the bank panel solicitors or retain our Chesham Bois conveyancing practitioner as well as pay for one of their panel firms to represent them. We consider that this is unjust; 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 bank’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. A further alternative is for your Chesham Bois conveyancing lawyer to apply to be on the conveyancing panel.
We are soon to complete on the purchase of a property in Chesham Bois but as a result of wreckage from the recent storms I have managed to agree recompense from the seller of £2k in the form of a reduction in the price. This was going to be dealt with as part of a side agreement yet RBS are not allowing this. Should they have been notified?
Any property lawyer that is on a RBS approved list is obliged to advise RBS of any amendments to the purchase price. If you prohibit your conveyancer to disclose the price change to RBS then they would have to discontinue acting for you. In addition, RBS and you would have to appoint a new property lawyer for your conveyancing in Chesham Bois.
Can you clarify what the consequences are if my lawyer’s firm is removed from the Coventry BS Solicitor panel ahead of completing my conveyancing in Chesham Bois?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
There are a variety of conveyancing solicitors in Chesham Bois but how do I know who I should use?
It would be unwise to be tempted by the cheapest Chesham Bois conveyancing costs illustration. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in advance.
I happen to be the only beneficiary of my late grandmother’s will and I have everything in my name alone, including the my former home in Chesham Bois. The Chesham Bois property was put into my name in June. I now wish to sell up. I do know about the Mortgage Lenders 6 month 'rule', which means that my property ownership may be treated the same way as though I had purchased the house in June. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be impacted by that. How sensible a view lenders take of it, depend on the bank as this requirement is chiefly there to identify the purchase and immediately sell or the wholesaling and assigning of properties.
The mortgage over my property is with Principality for my property in Chesham Bois. Conveyancing was finalised 12 months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Principality?
You must advise Principality in advance of renting your property as this is likely to be a breach of Principality’s mortgage conditions. It may be that Principality will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Principality directly. You need not do this via a Principality conveyancing panel lawyer.
I used Arc property Solicitors several years ago for my conveyancing in Chesham Bois. Now, I need the files however the law firm has closed. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Chesham Bois of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I am short of a 10% deposit on my flat purchase in Chesham Bois , but I am anxious proceed. Do I have options?
You can accept a lower deposit. Many vendors will agree to a lower deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last second