My wife and I are planning to purchase a 1 bedroom apartment in Countesthorpe with a mortgage. We wish to retain our Countesthorpe conveyancer, however the mortgage company advise he's not on their "panel". It appears that we have no option but to instruct one of the bank panel firms or keep our Countesthorpe conveyancing practitioner and pay for one of their panel lawyers to represent them. This feels very unfair; is there anything we can do?
No, not really. Your mortgage offer 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 Countesthorpe conveyancing lawyer to apply to be on the conveyancing panel.
We wanted to use a property lawyer in Countesthorpe for our house purchase. Our financial adviser has since advised us that our mortgage lenders The Mortgage Works won't deal with them. Why is this not regarded as unduly restrictive?
Lenders normally restrict either the type or the amount of conveyancing firms on their member panel. A common example of such criteria being that a firm must not be a sole practitioner. As well as restricting the profile of firm, a few lenders have limited the amount of solicitor practices they use to represent them. Be aware that The Mortgage Works have no responsibility for the quality of advice provided by any member of The Mortgage Works Conveyancer Panel. Mortgage fraud was a primary driver in the rationalisation of conveyancing panels a few years ago even though there remains differing views concerning the level of solicitor engagement in some of that fraud. Figures from the Land Registry reveal that thousands of law firms, including some in or near Countesthorpe only perform a couple conveyances a year.
I am buying a new build house in Countesthorpe benefiting from help to buy. The developers refused to move on the price so I negotiated five thousand pounds worth of extras instead. The sale representative advised me not inform my lawyer about this extras as it may jeopardize my mortgage 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.
I am looking into buying my first house which is in Countesthorpe and I am already nervous. I couldn't find anything specific about Countesthorpe. Conveyancing will be needed in due course but do you know about the Countesthorpe area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Countesthorpe. In the meantime here are some basic statistics that we found
We are four weeks into a freehold purchase having been recommend to a firm by the selling agent to carry out the conveyancing in Countesthorpe. We are not happy. Can you you assist me in finding new lawyers?
A conveyancer would need to be really bad in order to consider diss instructing them. Has the mortgage been issued? If so you need to inform them of the replacement lawyer and ensure the loan are re-sent. Your new solicitor ideally needs to be on the banks panel to avoid escalating charges and delays. That should be your first question of the new conveyancers. The find a solicitor tool will help you find a lender approved solicitor for your conveyancing in Countesthorpe
Can you offer any advice when it comes to finding a Countesthorpe conveyancing firm to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Countesthorpe conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggest that you talk with several firms including non Countesthorpe conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be useful:
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How many lease extensions has the firm completed in Countesthorpe in the last year? How experienced is the practice with lease extension legislation?
Leasehold Conveyancing in Countesthorpe - Sample of Queries Prior to buying
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How much is the service charge and ground rent on the apartment? What is the name of the managing agents? Does the lease include onerous restrictions?