I am progressing with the sale of my flat in Southgate and the EA has just called to say that the purchasers are changing their solicitor. I am told that this is due to the fact that the mortgage company will only engage with solicitors on their conveyancing panel. On what basis would a big named lender only work with specific law firms rather the firm that they want to select for their conveyancing in Southgate ?
Banks have always had panels of law firms that can act for them, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Mortgage companies blame a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are unlikely to have any impact on this.
I have an AIP. The lender mentioned the mortgage came with free conveyancing. Is the implication that I have to instruct their panel conveyancer as I would prefer to instruct a high street conveyancing solicitor in Southgate?
Do check but the chances are that appoint one of their panel conveyancers should you want the "fee-free" incentive. Contact the mortgage company to determine if they make available a cash alternative. Some banks have previously offered a £250 cashback as an alternative in which case that money can go towards your preferred conveyancing solicitor near Southgate.
We have a mortgage agreed in principle with Principality. Southgate conveyancing lawyers are selected. What is the average time that one could expect to receive a mortgage offer from Principality?
There is no definitive answer here. Have Principality completed the valuation? Have you advised Principality as to your lawyers' details and checked that your lawyers are on the Principality conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
We were going to get a DIP from Skipton this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Skipton recommend any Southgate solicitors on the Skipton conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Southgate solicitors independently although you'll need to choose one on the Skipton conveyancing panel. The solicitor represents both you and Skipton through the process.
My wife and I are in the process of viewing flats in Southgate and I am now considering a potential offer. Should I already have a property lawyer in place at this point? I intend to finance via a mortgage with RBS.
You should start obtaining conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the EA. Given that you are seeking a mortgage with RBS, make sure you remember to check that your lawyer is on the RBS conveyancing panel.
I'm buying a new build house in Southgate with the aid of help to buy. The sellers would not move on the amount so I negotiated 6k of extras instead. The house builders rep advised me not inform my solicitor about the deal as it may put at risk my loan with Nationwide 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.
I have been on the look out for a leasehold apartment up to £305k and found one round the corner in Southgate I like with a park and railway links nearby, the downside is that it's only got 49 years on the lease. I can't really find anything else in Southgate for this price, so just wondered if I would be making a grave error purchasing a short lease?
If you need a mortgage the shortness of the lease may be a potential deal breaker. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
There are a number of houses in Southgate on private lanes. We are buying one such property. What would be the pros and cons of buying a house on a privately owned road?
Southgate conveyancing solicitors will be familiar with conveyancing houseson unadopted roads. Your solicitor will review the Land Registry data to identify any rights or liabilities. It is possible that there is a residents association that residents make annual contributions for the upkeep of the road. If one exists, the road should be maintained and appear nicer than council adopted.