I am buying a new build apartment in Trelogan and my lawyer is advising me that she has to the mortgage company to reveal incentives from the developer. I am under pressure to sign contracts and my preference is not to prolong deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Forgive me if this question is silly but I am new to the process as FTB of a two bedroom flat in Trelogan. Do I collect the keys to the house on completion from my lawyer? If this is the case, I will appoint a local conveyancing solicitor in Trelogan?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will arrange to send the purchase money to the seller's solicitors, and once they have received this, you should be called to pick up the keys from the property Agents and move into your new home. Usually this occurs between 1 and 3pm.
I currently have a mortgage with HSBC for my property in Trelogan. Conveyancing has been completed 12 months ago. In the event that I decide 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 HSBC?
HSBC must be informed of your intention in advance of renting your property as this is likely to be a breach of HSBC’s mortgage conditions. It may be that HSBC 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 HSBC directly. You need not do this via a HSBC conveyancing panel firm.
I recently had an offer agreed on a house in Trelogan. My mortgage broker recommended their conveyancers. I paid an on account payment of £200. Not long after, the lawyer called me to say that they were not on the Co-operative conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Co-operative panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I'm buying my first flat in Trelogan benefiting from help to buy. The developers refused to reduce the amount so I negotiated £7000 of extras instead. The property agent told me not reveal to my conveyancer about this extras as it will affect my loan with the lender. 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.
I opted to have a survey carried out on a house in Trelogan prior to retaining conveyancers. I have been told that there is a flying freehold overhang to the house. Our surveyor has said that some mortgage companies may refuse to grant a mortgage on this type of house.
It depends who your proposed lender is. HSBC has different requirements from Birmingham Midshires. If you e-mail us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Trelogan. Conveyancing will be smoother if you use a solicitor in Trelogan especially if they are accustomed to such properties in Trelogan.
Is it possible to transfer to a new firm as I have to select one who is on the Accord Mortgages Ltd conveyancing list. I had appointed a local conveyancing solicitor in Trelogan five minutes from me but he is not approved by Accord Mortgages Ltd
It would be our pleasure to assist you select a conveyancing solicitor in Trelogan on the Accord Mortgages Ltd panel. Please note that the conveyancers that we work with do not pay us a referral fee if you instruct them and are fully regulated by the SRA who regulate all conveyancing solicitors in Trelogan. In making use of search facility on this website, you can contrast fees for conveyancing solicitors in Trelogan and beyond.
Our lender agreed in principle to grant us a mortgage. We appointed a local conveyancer in Trelogan yesterday. A couple of hours ago, our broker called to say that the mortgage company said that we cannot use our solicitor as they aren't on their 'approved list'. As novices, we had no idea that the bank had some control over our choice Is this allowed?
You can actually appoint any conveyancing solicitor you wish to select including the said conveyancer in Trelogan however if your bank aren't happy with them you will have to incur an extra fee so the bank can instruct their own conveyancer too. On occasion it is possible your preferred conveyancing firm to get added to the bank list of approved firms. Do make the most of online search facilities such as lenderpanel.com to find a conveyancing solcitor in Trelogan on the lender panel. You can go into your local lender branch in Trelogan. They will know some good conveyancing solicitors in Trelogan on the approved list.