My partner and I are hoping to acquire a home in Ferndown and have appointed a Ferndown conveyancing practice. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Virgin Money have this afternoon contacted us to inform me that they have now hit a problem as our Ferndown solicitor is not on their conveyancing panel. Please explain?
If you are buying a property needing a mortgage it is conventional for the purchasers' solicitors to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Ferndown lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
Do lenders provide you with an approved list of Ferndown conveyancing solicitors? How do you know who is on the Coventry BS conveyancing panel?
Ferndown conveyancing firms themselves provide us confirmation that they are on the Coventry BS conveyancing panel as opposed to being supplied with a list from Coventry BS directly.
We are expecting a mortgage offer soon. The bank mentioned the mortgage came with free conveyancing. Is the implication that I have to instruct their panel conveyancer as I would much rather use a specialised conveyancing solicitor in Ferndown?
Do check but the chances are that give you one of their panel conveyancers where you want the "fee-free" offer. Contact the mortgage company to see if they offer you a monetary alternative. Some mortgage companies have previously offered a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor near Ferndown.
I'm purchasing a new build house in Ferndown with the aid of help to buy. The builders refused to reduce the price so I negotiated £7000 of fixtures and fittings instead. The property agent told me not inform my solicitor about the side-deal as it will impact my mortgage with the lender. Should I keep quiet?.
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 decided to have a survey carried out on a property in Ferndown prior to retaining conveyancers. I have been advised that there is a flying freehold aspect to the house. My surveyor has said that some banks will refuse to issue a mortgage on a flying freehold home.
It depends who your proposed lender is. HSBC has different requirements for example to Nationwide. If you contact us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Ferndown. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Ferndown to see if the conveyancing costs will increase in light of this.
What advice do you have for searching for auction conveyancing in Ferndown?
First ask your friends and family who they used in the past and if they were happy with the service. Second, use a search tool on the internet for conveyancing in Ferndown. Telephone two or three from the list and ask them to send you their conveyancing charges and speak to the lawyer who will conduct your conveyancing before you commit. Third is to make use of this site to assist you in finding the right solicitors taking into account your unique requirements including location,speed, complexity and who the proposed mortgage company is.Avoid the trap of appointing £99 conveyancing solicitors in Ferndown