I am in the process of selling my home in Eaglescliffe and the estate agent has just e-mailed to advise that the purchasers are switching law firm. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their conveyancing panel. On what basis would a leading lender only work with certain solicitors rather the firm that they want to appoint for their conveyancing in Eaglescliffe ?
UK lenders have always had panels of law firms that can act for them, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lending institutions blame a rise in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any impact on this.
We were just about to sign contracts for a freehold house in Eaglescliffe. We encountered a snag. Our mortgage offer with Britannia expires on 18/3/2021 but the vendors are putting forward a completion date of 22/3/2021. Is it possible to prolong the loan expiry date?
The person best placed to deal with your concern is your lawyer who should assess if he or she is corresponding with the lender, owner’s solicitors, property agents or possibly all parties given the circumstances your transaction to date.
Is there a reason why leasehold purchase conveyancing in Eaglescliffe costs more?
The conveyancing fees on a leasehold property in Eaglescliffe is frequently greater when contrasted to a freehold residence. This is because there is an amount of extra work required in liaising with the freeholder and management company to collate the evidence concerning whether the rent and service charges have been cleared and whether there are any large sums expected to be spent in the foreseeable future on repairs or maintenance of the building.
It has been 2 months since my purchase conveyancing in Eaglescliffe completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am buying my first flat in Eaglescliffe benefiting from help to buy. The developers would not budge the price so I negotiated five thousand pounds worth of additionals instead. The estate agent suggested that I not inform my conveyancer about this extras as it would impact 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.
I am looking for a flat up to £245,000 and found one round the corner in Eaglescliffe I like with amenity areas and railway links in the vicinity, however it's only got 52 remaining years left on the lease. I can't really find anything else in Eaglescliffe for this price, so just wondered if I would be making a grave error buying a short lease?
If you require a home loan that many years will likely be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.