How up to date is your search tool for Ponders End conveyancing solicitors on the Leeds Building Society conveyancing panel? Do Leeds Building Society send you an updated list?
Ponders End conveyancing firms themselves provide us confirmation that they are on the Leeds Building Society conveyancing panel as opposed to being supplied with a list from Leeds Building Society directly.
We are buying a newly converted flat in Ponders End with a mortgage from Barnsley Building Society.We have a Ponders End conveyancing lawyer but Barnsley Building Society advised that his firm is not on their "panel". We have to appoint a Barnsley Building Society panel lawyer or retain our local solicitor and fork out for a Barnsley Building Society panel lawyer to represent them. We feel as though this is unjust; Can we not simply insist that Barnsley Building Society use our lawyer?
No, not really. The home loan issued to you contains terms and conditions, one of which will be that solicitors needs to be on the Barnsley Building Society solicitor panel. in the past, most lenders had large numbers of solicitors 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 Barnsley Building Society
Have just purchased a probate house at auction in Ponders End. Conveyancing is needed. What is next?
Now that you have exchanged you will need to instruct a conveyancing practitioner as a matter of priority as you will have a fast approaching a drop dead date to complete the conveyancing. All auction property will have a corresponding auction pack. This should include the copy title deeds, local authority and drainage searches. In the case of leasehold premises the conveyancing pack may include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork relating to a leasehold property. You must pass this on to your appointed conveyancing solicitor as soon as possible. Do make sure that you have funds in order to complete the transaction on the set completion date.
I have a mortgage with Yorkshire BS for my property in Ponders End. Conveyancing was finalised a year ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Yorkshire BS?
You must advise Yorkshire BS prior to letting out your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. It may be that Yorkshire BS will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Yorkshire BS directly. You need not do this via a Yorkshire BS conveyancing panel lawyer.
I have instructed a Ponders End conveyancing practitioner having checked that they are on the Principality conveyancing panel. Does my lawyer arrange the survey of the property?
Principality will need an independent valuation of the property. Your lawyer will not arrange this. Usually Principality will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Ponders End postcode. As you are getting a mortgage with Principality, you could contact them to see if they have a list of approved surveyors in Ponders End.
Various online forums that I have visited warn that are the primary reason for delay in Ponders End conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of delays during the legal transfer of property. Searches are unlikely to feature in any holding up conveyancing in Ponders End.
I am buying my first flat in Ponders End with the aid of help to buy. The developers would not budge the price so I negotiated 6k of additionals instead. The sale representative told me not reveal to my lawyer about the extras as it will put at risk my loan with Chelsea Building Society. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a simple, chain free conveyancing. Ponders End is where the house is located. Is there any advice you can impart?
Flying freeholds in Ponders End are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Ponders End you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ponders End may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.