We are intending to buy a 1 bedroom apartment in Stanwick with a mortgage. We have a Stanwick lawyer, however the mortgage company advise she’s not on their "panel". It seems we have no choice but to appoint one of the bank panel conveyancing practices or continue with our Stanwick lawyer as well as pay for one of their panel lawyers to represent them. We consider that this is unjust; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’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. A further alternative is for your Stanwick conveyancing solicitor to apply to be on the conveyancing panel.
I am nearing an exchange on a house in Stanwick and my parents have sent the ten percent deposit to my conveyancer. I am now advised that as the deposit has been sent from someone other than me my conveyancer needs to disclose this to my bank. I am advised that, in also acting for the mortgage company he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the lender concerning my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your conveyancer is duty bound to clarify with the bank to ensure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your lender if you agree, failing which, your lawyer must cease to continue acting.
We are expecting a mortgage offer soon. The bank mentioned the mortgage came with free conveyancing. Does this mean I have to use their panel conveyancer as I would much rather use a Stanwick based conveyancing firm?
Do check but the the probability is that appoint one of their panel lawyers where you want the "fee-free" offer. Call the bank and explore if they allow a monetary alternative. Some banks have previously offered a £250 cashback as an alternative in which case that money can go towards the cost for your conveyancing solicitor in Stanwick.
We previously instructed solicitors with offices in Stanwick on the Skipton solicitor panel. They are now charging me an additional charge for handling the Skipton mortgage. Is this a supplemental conveyancing fee set by Skipton?
As unfair as it may seem, as long as it’s in their Terms and Conditions or estimate then yes your property lawyer is entitled to charge a fee for this. The charge is not set by Skipton but by your Stanwick property lawyer. Some firms on the Skipton panel will quote ’dealing with mortgage’ fee and others do not.
We are getting a further advance on our home loan from Nationwide as we intend to conduct a loft conversion to our house in Stanwick. Are we obliged to select a local Stanwick solicitor on the Nationwide conveyancing panel to deal with the legals?
Nationwide would not normally instruct a member of their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Nationwide list.
I'm at the point of viewing houses in Stanwick and I am about to put in an offer. Should I already have a property lawyer in place at this point? I intend to finance via a home loan with HSBC.
You should start obtaining conveyancing estimates from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the estate agent. As you are obtaining a mortgage with HSBC, make sure you remember to check that your lawyer is on the HSBC conveyancing panel.
I'm purchasing my first flat in Stanwick with a loan from Barnsley Building Society. The sellers refused to budge the amount so I negotiated 6k of fixtures and fittings instead. The estate agent told me not inform my solicitor about the deal as it will adversely affect my loan with Barnsley Building Society. Should I keep quiet?.
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 property in Stanwick in advance of retaining conveyancers. I have been advised that there is a flying freehold overhang to the house. Our surveyor advised that some mortgage companies tend refuse to grant a mortgage on a flying freehold premises.
It depends who your proposed lender is. HSBC has different instructions from Birmingham Midshires. Should you wish to telephone us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Stanwick. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Stanwick to see if the conveyancing will be more expensive.