I am getting a mortgage offer from Lloyds. I intend to instruct a Licensed Conveyancer in Newton Aycliffe. Does the Lloyds Solicitor panel exclude Licensed Conveyancers?
The Lloyds conveyancing panel is, like many other lenders, associated to the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the CLC.
The owners have rather brash sellers who has suggested a preliminary contract with a non-refundable deposit 10k. Are such agreements sensible?
This type of preliminary agreement is unusual in Newton Aycliffe, conveyancers will often direct clients away from them as they detract from the primary focus, namely conveyancing and if you end up having your deposit forfeited then the solicitor at best left with an upset client and at worst a litigious one. In addition, there is no certainty that just because the owner has entered into an exclusivity agreement they will complete the sale with you. They may be in contravention of the contract if they are offered a big enough financial inducement to do so because an aggrieved party with the benefit of a lockoutcontract will still be legally obliged to establish consequential losses from the breach and these may not compare to the extra amount that your vendor may secure by reneging on the agreement, no matter how morally unworthy the behaviour is.
I'm purchasing a new build house in Newton Aycliffe with a mortgage from Chelsea Building Society. The developers refused to move on the price so I negotiated 6k of fixtures and fittings instead. The property agent suggested that I not to tell my solicitor about this side-deal as it would affect my mortgage with the lender. Is this normal?.
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.
Due to the guidance of my in-laws I had a survey completed on a house in Newton Aycliffe ahead of instructing conveyancers. I have been informed that there is a flying freehold element to the house. The surveyor has said that some mortgage companies tend not grant a loan on such a premises.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Birmingham Midshires. Should you wish to telephone us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Newton Aycliffe. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Newton Aycliffe to see if the conveyancing costs will increase in light of this.
My father-in-law has suggested that I use his conveyancers in Newton Aycliffe. Do I take his guidance?
No doubt it’s preferable to find a conveyancing solicitor is to seek referrals from friends or family who have actually experience in using the solicitor that you are considering.
My fiance is purchasing a basement flat in Newton Aycliffe. He was given a quote by the property lawyer suggested by the selling agents and it came to £1250 . It was fifteen years ago I sold and purchased a house and the bill was £495. Have fees really escalated to that extent?
We would recommend that you call a few local Newton Aycliffe conveyancing firms seeking prices. You should base your decision not only on cost, but on promptness and on how comprehensive the response was.