We are acquiring a brand new duplex in Hermon and my lawyer is telling me that she has to the lender to reveal incentives from the seller. The Estate Agents are hassling me to sign contracts and I don't want to prolong the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
We are hoping to buy a 3 bedroom flat in Hermon with a loan from Virgin Money.We use our Hermon conveyancing solicitor but Virgin Money says he's not on their "panel". It seems we are left with no choice but to instruct a Virgin Money panel lawyer or retain our high street solicitor and pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
No, not really. The home loan issued to you contains terms and conditions, a common one being that conveyancers will be on the Virgin Money solicitor panel. Until recently, most lenders had large numbers of law firms 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. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Virgin Money
Is it necessary to pay for insurance to protect me from financial exposure to chancel repairs when acquiring a residence in Hermon?
Unless a previous acquisition of the premises took place post 12 October 2013 you could expect conveyancing practitioners carrying out conveyancing in Hermon to continue to suggest a chancel search and or chancel repair liability policy.
I'm remortgaging my primary house to a buy to let mortgage with Skipton Building Society and intend to use the remaining equity as a down payment on a second house. The location we are interested in is Hermon. Will your solicitors be able to act for both sets of lenders and link together the transactions?
Make use of our comparison tool on this page to be sure that the lawyers are on the relevant lender panels. Assuming that they are your solicitor should be able to simultaneously deal with the two conveyancing matters but you should talk with you conveyancer and make clear your expectations and needs.
We're novice buyers - agreed a price, but the agent advised that the seller will only proceed if we use their recommended lawyers as they need an ‘expedited deal’. We would rather use a high street solicitor used to conveyancing in Hermon
It is improbable the owners are driving this. If they require ‘a quick sale', alienating a genuine buyer is going to damage their objectives. Contact the owners directly and make sure they understand (a)you are serious purchasers (b)you are ready to go, with finances arranged © you are unencumbered (d) you wish to move quickly (e)however you are going to appoint your preferred Hermon conveyancing firm - not the ones that will give the estate agent a referral fee or meet his conveyancing thresholds set by senior management.
My friend mentioned that before selecting a conveyancing solicitors they must be approved by your lender. I am new to the process but I have an AIP via Virgin Money and I already have a local conveyancing lawyer in Hermon lined up. Can Virgin Money need an approved lawyer to be instructed? Does a list of panel solicitors even exist so I can choose a conveyancing lawyer in Hermon?
You should use a solicitor that is on the Virgin Money panel. Simply call your chosen Hermon conveyancing solicitor to check if they are on the Virgin Money panel. If they are not on the panel you have a couple of options available to you here:
- Proceed with your preferred Hermon conveyancing practitioner but Virgin Money will no doubt retain a property lawyer from their conveyancing panel. The net result is additional cost and likely delay.
- Choose a fresh property lawyer to act in the purchase, making sure they are on the Virgin Money conveyancing panel.
- Convince your lawyer to do everything within their powers to join the Virgin Money conveyancing panel.