I am acquiring a leasehold flat in Elm Park. My Solicitor is not on the mortgage company solicitor list. Am I still permitted to retain my Elm Park conveyancing solicitor even though they are excluded from the lender panel?
You will need to have a conveyancer to complete the formalities if you require a loan to buy your home. The solicitor will carry out all the appropriate legal checks on the property, make sure that you will be properly registered as the owner and ensure that all the required mortgage paperwork is in order. You could appoint a Elm Park conveyancer of your choosing. Nevertheless, if the solicitor appointed is not on the bank approved list additional fees will arise as separate legal representation will be need by the bank. Conveyancing panel applications may be submitted, so provided your lawyer has not historically applied for membership they should take the chance to apply.
We have rather brash vendors who has suggested a lock out contract with a deposit 6,000. Are such contracts appropriate for Elm Park conveyancing transactions?
There are a couple of main drawbacks with signing a lock out contract (also known as an exclusivity agreement) is that it diverts attention away from moving forward with the conveyancing transaction itself, so in the absence of it needing little or no negotiation then it may transpire to be unhelpful. It is not strongly advocated amongst Elm Park conveyancing solicitors as a result. A further negative is the extent of the remedies available - a jilted buyer is not likely to secure an injunctive ruling by a court to stop the vendor disposing of the property to an alternative purchaser, so the only remedy available under the agreement will be the reimbursement of abortive charges and, in restricted scenarios, the extra payment of penalties.
My colleague recommended that where I am purchasing in Elm Park I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally included in the estimate for your Elm Park conveyancing searches. It is a large document of more than thirty pages, listing and setting out significant information about Elm Park around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with maps and statistics, Local Amenities and other useful data regarding Elm Park.
I am purchasing my first flat in Elm Park with the aid of help to buy. The sellers would not reduce the amount so I negotiated £7000 of fixtures and fittings instead. The estate agent advised me not to tell my solicitor about the side-deal as it may adversely affect my loan 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 was recommended by a few selling agents in Elm Park to select a solicitor using your seach tool. Is there a financial upside for Estate Agents to offer your lawyers rather than alternative conveyancing organisations?
We refuse to make any commission for sending work our way. We thought it would be too underhand a fee because home movers will think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
I have been sourcing a conveyancing lawyer in Elm Park for my house move. Can I review a firm’s record with the legal regulator?
One can search for documented Solicitor Regulator Association (SRA) decisions stemming from inquisitions from 2008 onwards. Go to Check a solicitor's record. To find details Pre 2008, or to check a firm's history, phone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, use +44 (0)121 329 6800. The SRA could monitor call for training requirements.