My husband and I are buying a ground floor flat in Corwen. My lawyer has never been on on the mortgage company solicitor panel. Can I still use my Corwen conveyancing solicitor even though they are excluded from the lender list of approved lawyers?
Your options include
- Complete the deal with your preferred Corwen solicitor but your bank will undoubtedly retain a lawyer on their approved list. The net result is additional fees and potential delay.
- Get a new conveyancing practitioner to act in the purchase, making sure they are on the bank conveyancing panel.
- Convince your conveyancing practitioner to do everything within their powers to get listed on the mortgage company panel of solicitors
I am considering applying for a Clydesdale mortgage for purchase of a newly converted (under development) in Corwen with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Clydesdale ?
There is nothing to stop you using your solicitor, but Clydesdale will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
My aunt advised me that in buying a property in Corwen there could be various restrictions affecting the ability to carry out external changes to the property. Is this right?
We are aware of a number of properties in Corwen which have some sort of restriction or requirement of consent to execute external changes. Part of the conveyancing in Corwen should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Is it correct that all Corwen CQS (Conveyancing Quality Scheme) solicitors are on the Nationwide conveyancing panel?
A selection of banks and building societies now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their panels.
I currently have a mortgage with Aldermore for my property in Corwen. Conveyancing was finalised months ago. If I am intending 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 Aldermore?
You must advise Aldermore in advance of renting your property as this is likely to be a breach of Aldermore’s mortgage conditions. In many cases banks or building societies will allow you to rent 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. You need not do this via a Aldermore conveyancing panel firm.
My colleague recommended that if I am purchasing in Corwen I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is occasionally quoted for as part of the standard Corwen conveyancing searches. It is a large document of about 40 pages, listing and detailing important information about Corwen around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Corwen Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Corwen Education with plans and statistics, Local Amenities and other useful information regarding Corwen.
I'm purchasing a new build house in Corwen with the aid of help to buy. The builders would not reduce the price so I negotiated 6k of extras instead. The property agent advised me not inform my lawyer about this side-deal as it would jeopardize my loan with the lender. 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.
When it comes to my conveyancing in Corwen should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Corwen conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the conveyancing practitioner's time in submitting the funds this way.