I am hoping to receive a mortgage offer from Lloyds. I intend to use a Licensed Conveyancer in Chester. Does the Lloyds Solicitor panel exclude Licensed Conveyancers?
The Lloyds approved solicitor list is, like many other lenders, associated to the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the CLC.
Our Chester conveyancer has discovered a difference when comparing the assumptions in the valuation report and what is revealed within the title deeds. My lawyer informs me that he must ensure that the lender is OK with this discrepancy and is still content to lend. Is my solicitor’s stance correct?
Your solicitor must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
What does my ID and proof of funds have anything to do with my conveyancing in Chester? Is this really warranted?
You are right in these requests have nothing to do with conveyancing in Chester. Nowadays you will not be able to complete any conveyancing deal in the absence submitting proof of your identity. This usually takes the form of a either your passport or driving licence as well as a council tax bill. Remember if you are providing your driving licence as proof of identification it must be both the paper element and photo card part, one is not sufficient without the other.
Evidence of your source of money is required under Money Laundering Regulations. Please do not be offended when you are asked to produce this as your conveyancer will need to retain this information on file. Your Chester conveyancing practitioner will need to see evidence of proof of funds before they are able to accept any funds from you into their client account and they will also ask additional queries concerning the origin of funds.
I am expecting a AIP from Santander this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Santander recommend any Chester solicitors on the Santander conveyancing panel, or is it better to go independently?
You will need to appoint Chester solicitors independently although you'll need to choose one on the Santander conveyancing panel. The solicitor represents both you and Santander through the process.
I have a mortgage with Aldermore for my property in Chester. Conveyancing has been completed some time ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Aldermore?
Your original mortgage agreement with Aldermore will provide that you need their approval before renting your property as this is likely to be a breach of Aldermore’s mortgage conditions. In many cases banks or building societies 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 Aldermore directly. It should not be necessary to do this via a Aldermore conveyancing panel firm.
I have instructed a Chester solicitor having checked that they are on the Co-operative conveyancing panel. Does my lawyer arrange the survey of the property?
Co-operative will need an independent valuation of the property. Your lawyer will not arrange this. Usually Co-operative 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 conveyancing practitioner 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 Chester postcode. As you are getting a mortgage with Co-operative, you could contact them to see if they have a list of approved surveyors in Chester.
I'm purchasing a new build house in Chester with a loan from The Royal Bank of Scotland. The developers would not reduce the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent told me not inform my lawyer about this deal as it could jeopardize my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Why do Chester conveyancing fees differ for leasehold and freehold properties?
There is always more work involved in leasehold conveyancing. Chester has many leasehold properties. There is more time involved in the purchase: for example, the lease and leasehold information (including up to date service charge, ground rent and buildings insurance details) obtained from the freeholder or managing agents. There are strict criteria that the lease must meet in order to be acceptable to a mortgage company. If it does not meet these requirements, the lease must be amended, which can involve additional expense for the seller.