Me and my fiance are planning to acquire a 2 bedroom flat in Whetstone with a mortgage. We have a Whetstone solicitor, but the lender advise she’s not on their "panel". We have to appoint one of the bank panel solicitors or retain our Whetstone conveyancing practitioner and pay for one of their panel lawyers to represent them. This feels very unfair; are we not able to require that the lender use our Whetstone conveyancer ?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’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 Whetstone conveyancing solicitor to apply to be on the conveyancing panel.
Why is leasehold purchase conveyancing in Whetstone is more expensive?
The conveyancing fees for a leasehold property in Whetstone is inevitably more expensive than on a freehold property. This is due to the supplemental investigations necessary in liaising with the freeholder and managing agents to obtain information about whether the rent and maintenance fee have been paid and whether there are any major works due in the foreseeable future on repairs or maintenance of the block.
Is there a list of Aldermore panel solicitors in Whetstone on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such directory service on the Council of Mortgage Lenders or Building Society Association sites. A small selection of banks make their panel listings visible online. If you are seeking to appoint a Whetstone lawyer on the Aldermore please use our tool.
We have agreed to purchase a house in Whetstone. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Virgin Money be concerned?
Given that you are obtaining a mortgage with Virgin Money your lawyer must check the conveyancing instructions outlined in Section 2 of UK Finance Lenders’ Handbook for Virgin Money. The Council of Mortgage Lenders’ Handbook includes minimum provisions for solar panel roof-space leases, and lawyers are required to report to Virgin Money where a lease fails to meet these provisions. The requirements relate to the installation of panels on properties in England and Wales and is not restricted to Whetstone.
After shopping around on the internet I have found a Whetstone conveyancer having checked that they are on the Coventry BS conveyancing panel. Does my lawyer arrange the survey of the property?
Coventry BS will need an independent valuation of the property. Your lawyer will not arrange this. Usually Coventry BS 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. You may wish to consider appointing your own Whetstone surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Should commercial conveyancing searches reveal proposed roadworks that may impact a commercial premises in Whetstone?
Many commercial conveyancing solicitors in Whetstone will execute a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in looking into accurate data on highways that impact buildings and development assets in Whetstone. The report provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Whetstone.
For each commercial conveyancing transaction in Whetstone it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately can cause delays to Whetstone commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not ordered for residential conveyancing in Whetstone.
I am buying a new build house in Whetstone with the aid of help to buy. The sellers would not budge the amount so I negotiated £7000 of extras instead. The house builders rep suggested that I not to tell my solicitor about this extras as it will impact my mortgage with the bank. Is this normal?.
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.
Am I right to be wary that estate agents that I am dealing with are encouraging me to use an internet conveyancing firm as opposed to a High Street Whetstone conveyancing company?
As with many service providers, often referrals from family and friends can be extremely useful or valuable. Yet there are lots of parties with a keen interest in a conveyancing deal; estate agents, mortgage brokers and banks might all recommend lawyers to use. On occasion these solicitors might be known to one of the organisations as being good in their field, but occasionally there is an underlying financial incentive behind the recommendation. You have the discretion to choose your preferred lawyer. However, bear in mind that most lenders operate an approved list of solicitors you have to use for the mortgage related work in your home move.