My husband and I are intending to buy a 1 bedroom flat in Forestdale with a mortgage. We wish to retain our Forestdale conveyancer, but the mortgage company advise she’s not on their "panel". It appears that we have little choice but to instruct one of the mortgage company panel firms or keep our Forestdale solicitor as well as pay for one of their panel ones to represent them. We regard this is unjust; can we not require that the mortgage company use our Forestdale solicitor ?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’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. A further alternative is for your Forestdale conveyancing solicitor to apply to be on the conveyancing panel.
My wife and I are refinancing our flat in Forestdale with Nottingham. We have a son 19 who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the flat is forfeited by the lender. I have a couple of concerns (1) Is this document specific to the Nottingham conveyancing panel as he did not need to sign this form when we bought 3 years ago (2) Does our son by signing this compromise his rights to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Nottingham. This is solely used to protect Nottingham if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Nottingham had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
We note that you have a post code search directory listing law firms on the Nottingham conveyancing panel. Do firms pay you a commission if I appoint them for our own conveyancing in Forestdale?
We are a listing service only for law firms wishing to communicate if they are on the Nottingham conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Forestdale.
My wife and I have arranged the release of further monies on our home loan from Kent Reliance as we wish to carry out renovations to our property in Forestdale. Do we need to choose a nearby Forestdale solicitor on the Kent Reliance conveyancing panel to handle the legals?
Kent Reliance do not ordinarily require firms on their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Kent Reliance panel.
I am purchasing a property in Forestdale. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender TSB be concerned?
As you are obtaining a mortgage with TSB your lawyer must check the formal instructions contained in Part two of UK Finance Lenders’ Handbook for TSB. The CML Handbook sets out minimum specifications for solar panel roof-space leases, and lawyers are required to report to TSB where a lease fails to meet these requirements. The specifications relate to the installation of panels on properties nationwide and is not limited to Forestdale.
We expect to receive a DIP from Kent Reliance this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Kent Reliance recommend any Forestdale solicitors on the Kent Reliance conveyancing panel, or is it better to go independently?
You will need to appoint Forestdale solicitors independently although you'll need to choose one on the Kent Reliance conveyancing panel. The solicitor represents both you and Kent Reliance through the process.
I have been told that property searches are a common reason for hinderance in Forestdale conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released conclusions of a review by MoveWithUs that conveyancing searches do not feature within the top 10 causes of hindrances during the legal transfer of property. Searches are not likely to be the root cause of holding up conveyancing in Forestdale.
I am purchasing a new build house in Forestdale with a loan from The Mortgage Works. The developers would not reduce the amount so I negotiated 6k of extras instead. The house builders rep suggested that I not to tell my conveyancer about the extras as it may affect my mortgage with the bank. 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.