My fiance and I intend to purchase a 1 bedroom apartment in Creekmouth with a mortgage from Chelsea Building Society.We like our Creekmouth conveyancing practitioner but Chelsea Building Society advised that he's not on their "panel". We have to appoint a Chelsea Building Society panel firm or keep our preferred solicitor and fork out for a Chelsea Building Society panel lawyer to represent them. This seems very unfair; Can we not simply insist that Chelsea Building Society use our lawyer?
No, not really. The home loan issued to you is subject to its various provisions, a common one being that conveyancers needs to be on the Chelsea Building Society approved list. Until recently, most mortgage companies had large numbers of solicitors on their panels: a borrower could find 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 lawyer to apply to be on the conveyancing panel for Chelsea Building Society
I am buying my first flat in Creekmouth benefiting from help to buy. The developers would not reduce the price so I negotiated 6k of fixtures and fittings instead. The house builders rep told me not reveal to my lawyer about this side-deal as it will impact my mortgage with Santander. 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.
I am looking for a leasehold apartment up to £195,000 and found one close by in Creekmouth I like with open areas and station in the vicinity, the downside is that it only has 61 years on the lease. There is not much else in Creekmouth in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a home loan that many years will be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
I'm refinancing my existing house to a BTL loan with Virgin Money and intend to use the remaining equity towards a second property. The location we are interested in is Creekmouth. Will your lawyers be able to act for both sets of lenders and tie in the transactions?
Make use of our search tool on this site to ensure that the lawyers are approved by both lenders. Assuming that they are your solicitor should be able to simultaneously deal with the two transactions but you should have a chat with you lawyer and specify your desired outcome and requirements.
We are 14 days into a leasehold purchase having been referred to a firm by the local agent to perform conveyancing in Creekmouth. I am am very disappointed with the level of service. Could you you assist me in finding new solicitors?
They would have to be very bad to suggest diss instructing them. Has your loan offer been generated? In the event that it has you must advise them of the new contact details and get the loan are re-sent. The solicitor ideally should be on the banks approved list to avoid added expenses and frustration. That should be your first question of the new conveyancers. The search tool can help you find a lender approved conveyancer for your conveyancing in Creekmouth
At what stage do I incur stamp duty due for my conveyancing in Creekmouth?
The majority of property lawyers will complete a Land Transaction Return Form for you during your Creekmouth conveyancing transaction for signature. After completion your property lawyer will submit the STL application to the Tax Authorities and - as long as they have the funds - settle any tax bill due on your behalf.