We are hoping to acquire a 1 bedroom flat in Grenoside with a mortgage. We like our Grenoside solicitor, but the lender advise she’s not on their "panel". We have to appoint one of the bank panel conveyancing practices or retain our Grenoside property lawyer and pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
No, not really. 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 Grenoside conveyancing solicitor to apply to be on the conveyancing panel.
My partner and I are getting closer to an exchange on a property in Grenoside and my mum and dad have transferred the ten percent deposit to my conveyancing practitioner. I am now told that as the deposit has not come from me my property lawyer needs to disclose this to my lender. I am advised that, in also acting for the bank he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the lender concerning my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
Your lawyer is obliged to clarify with lender to ensure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only report this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
My brother-in-law has suggested I instruct a conveyancing solicitor in Grenoside. I I would like to check whether they are accepted on the Santander approved list of lawyers. Could you help?
The first thing to do is phone your conveyancer and enquire if they can act for the bank. Otherwise please call Santander who may be able to help.
I am purchasing my first flat in Grenoside benefiting from help to buy. The sellers would not budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep advised me not reveal to my lawyer about the side-deal as it may adversely affect my loan 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.
I am purchasing a garden apartment in Grenoside. Conveyancing lawyer is awaiting, from the owner, building insurance documents. This afternoon I was advised that the vendor needs to send the insurance schedule for the flat above in addition. Why does my solicitor want to see the insurance for the other flat? Is it really required? We have been waiting for the previous month…
It is not unheard of in leasehold conveyancing in Grenoside to discover Conveyancing in Grenoside in a minority of cases reveals that the lease requires the tenant's to insure their individual flats as opposed to the landlord insuring the entire premises - which is definitely better. You should clarify with your conveyancer but it would seem that your solicitor is looking to establish that the entire building is insured. Insuring a ground floor flat is no help when it comes to rebuilding after a fire if the 1st floor cannot be rebuilt as a result of lack of insurance cover.