Me and my fiance are purchasing a 2 bedroom apartment in Newham with a mortgage. We like our Newham lawyer, however the mortgage company advise she’s not on their "panel". We have to appoint one of the bank panel solicitors or keep our Newham conveyancing practitioner as well as pay for one of their panel firms to act for them. We consider that this is unjust; are we not able to demand that the lender use our Newham conveyancing practitioner ?
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. Another option that might be available is for your Newham conveyancing solicitor to apply to be on the conveyancing panel.
This question may be naive but I am new to the home buying as FTB of a garden flat in Newham. Do I receive the keys to the property on the completion date from my lawyer? If this is the case, I will instruct a High Street conveyancing solicitor in Newham?
On the day of completion you will not be required to go to the conveyancers office in Newham. Conveyancing lawyers for you will transfer the purchase money to the owner’s lawyers, and shortly after the monies have arrived, you should be invited to pick up the keys from the property Agents and start moving into the property. Usually this happens between 1 and 3pm.
I happen to be the single beneficiary of my late grandmother’s estate with all property in now in my sole name, including the my former home in Newham. The Newham property was put into my name in September. I plan to dispose of the house. I do know about the Mortgage Lenders 6 month 'rule', meaning my proprietorship could be treated the same way as if I'd bought the property in September. Is the property unsalable for six months?
The CML handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be affected by that. Most mortgage companies would take a practical view as this obligation chiefly exists to pick up on the purchase and immediately sell or the wholesaling and assigning of property.
I am buying a property in Newham. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender TSB be concerned?
As your lender is TSB your lawyer must check the formal instructions set out in Section 2 of UK Finance Lenders’ Handbook for TSB. The Council of Mortgage Lenders’ Handbook stipulates minimum provisions for solar panel roof-space leases, and conveyancing practitioners are required to report to TSB where a lease does not meet these conditions. The specifications relate to the installation of panels on properties countrywide and is not restricted to Newham.
My wife and I are planning on selling our house in Newham and according to the buyers it appears that there is a possibility that the property was built land that was not decontaminated. Any high street Newham conveyancer would know this is not the case. For the life of me I don't know why the buyers instructed a national conveyancing firm rather than a conveyancing solicitor in Newham. We have lived in Newham for three years we know that this is a non issue. Do we get in touch with our local Authority to get confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing solicitor currently acting for you. What do they say? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
I am buying a new build house in Newham with a mortgage from Skipton Building Society. The builders refused to budge the price so I negotiated 6k of fixtures and fittings instead. The house builders rep suggested that I not reveal to my lawyer about this deal as it could put at risk my loan with Skipton Building Society. 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.
My husband and I are new to the buying process - agreed a price, yet the selling agent told us that the owners will only move forward if we appoint the agent's recommended conveyancers as they are insisting on an ‘expedited deal’. My instinct tells me that we should use a high street conveyancer accustomed to conveyancing in Newham
We suspect that the seller is not behind this ultimatum. Should the vendor want ‘a quick sale', turning down a serious purchaser is going to damage their objectives. Contact the owners directly and explain that (a)you are motivated buyers (b)you are ready to go, with finances arranged © you are unencumbered (d) you wish to move quickly (e)but you intend to use your preferred Newham conveyancing lawyers - not the ones that will provide the negotiator at the agency a introducer fee or meet his conveyancing targets demanded by corporate headquarters.
My brother mentioned that when choosing a conveyancing lawyer they must be approved by your mortgage company. I am new to the process but I have an AIP from HSBC and I already have a bricks and morter conveyancing lawyer in Newham in place. Can Nat West Bank need an approved solicitor to be used? If so, where can I find that list so I can pick a conveyancing solicitor in Newham?
You should choose a solicitor that is on the Nat West Bank panel. Just telephone your preferred Newham conveyancing lawyer and ask if they are on the Nat West Bank panel. If they are not approved you have a number of choices available to you here:
- Proceed with your existing Newham conveyancing practitioner but Nat West Bank will need to appoint a lawyer from their approved panel. The net impact is additional cost and potential frustration.
- Get a new solicitor to act in the purchase, obviously checking they are on the Nat West Bank conveyancing panel.
- Convince your property lawyer to do everything possible to join the Nat West Bank panel of solicitors.