Me and my partner are buying a 2 bedroom flat in Acocks Green with a mortgage. We wish to retain our Acocks Green solicitor, but the bank says he's not on their "panel". We have to appoint one of the lender panel firms or continue with our Acocks Green conveyancing practitioner as well as pay for one of their panel firms to represent them. This feels very unfair; is there anything we can do?
Unfortunately,no. Your mortgage offer 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 Acocks Green conveyancing solicitor to apply to be on the conveyancing panel.
At what point does exchange of contracts occur in residential conveyancing in Acocks Green and am I required to be at the lawyers branch?
Where you are round the corner to one of the conveyancing solicitors in Acocks Green you are invited in to sign contracts. However, the lender approved solicitors we work with supply countrywide coverage for conveyancing and provide just as comprehensive and professional a job for you when dealing with you electronically. The executing of the contract is not when everything is set in stone. A signed contract simply enables the firm to officially exchange at the suitable time, which is ordinarily shortly after signing. The procedure is is usually a five minute process, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Acocks Green)to be in the office at the appropriate time.
I happen to be the sole recipient of my late grandmother’s estate with all property in now in my sole name, including the my former home in Acocks Green. The Acocks Green property was put into my name in November. I want to move. I do know about the Mortgage Lenders 6 month 'rule', which means that my proprietorship could be treated the same way as if I'd bought the property in November. Will no one buy the property for half a year?
The CML handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be caught by that. Most mortgage companies would take a practical view as this requirement principally exists to pick up on subsales or the quick reselling of property.
When it comes to lenders such as Aldermore, do Acocks Green property lawyers face an annual charge to be on the list of approved solicitors?
We are unaware of any lender fees to be on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
My wife and I are in the process of viewing apartments in Acocks Green and I am now considering a potential offer. Is it wise to have my conveyancer on ‘stand by’? I will be getting a mortgage with HSBC.
It would be advisable to commence your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the selling agent. As you are obtaining a mortgage with HSBC, ask your prospective lawyers if they are on the HSBC conveyancing panel otherwise they can't do the mortgage legal work.
My colleague recommended that where I am purchasing in Acocks Green I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is occasionally included in the estimate for your Acocks Green conveyancing searches. It is a large report of more than thirty pages, listing and detailing significant information about Acocks Green around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Acocks Green Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful information regarding Acocks Green.
I'm buying my first flat in Acocks Green with the aid of help to buy. The builders refused to move on the price so I negotiated five thousand pounds worth of extras instead. The sale representative advised me not to tell my conveyancer about the deal as it would jeopardize my loan with the lender. Is this normal?.
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 have been on the look out for a flat up to £195,000 and identified one close by in Acocks Green I like with amenity areas and railway links in the vicinity, however it only has 51 years on the lease. There is not much else in Acocks Green in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a mortgage the shortness of the lease will be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.