I am not well enough to travel far from Aldgate. Is there a reason why all Aldgate conveyancers aren't automatically on all mortgage company panels?
Mortgage companies highlight the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud annually.The elimination of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its conclusions included recommendations for mortgage companies to review their conveyancing panels, which triggered a major policy change in the sector. This led to mortgage companies pruning less reputable firms off their books of approved conveyancers .
Our lawyer has discovered a a problem with the lease for the flat we are buying in Aldgate. The seller’s lawyers have suggested title insurance as a solution. We are content with insurance and will pay for it. Our conveyancer has advised that he must check that the lender is happy with this solution. Who is the client here, us or the bank?
Notwithstanding that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the mortgage company are the client. The appropriate lender conditions have to be complied with.
My brother-in-law has suggested I instruct a conveyancing solicitor in Aldgate. I I would like to check if they are accepted on the Alliance & Leicester approved list of lawyers. Can you or the lender confirm if they are on the panel?
The first thing to do is contact the conveyancer and ask them if they can act for the lender. Otherwise please call Alliance & Leicester who may be able to assist.
My solicitor has informed me that lack of building regulations insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Aldgate?
The right level of lack of building regulations indemnity insurance depends on your lender. It would differ for example between HSBC Bank and Virgin Money. Conveyancing practitioners as opposed to borrowers take out such insurances.
Is it the case that all Aldgate CQS (Conveyancing Quality Scheme) solicitors are on the HSBC conveyancing panel?
Some major lenders now utilise the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to join their approved list of firms.
At last I have had an offer on a flat in Aldgate agreed to, the sellers do nevertheless have a tied purchase. The owners have offered on a flat, but it’s not yet tied up, and are looking at other apartments in the pipeline. I have chosen a bricks and mortar conveyancing solicitor in Aldgate. What do I do now? When do I get the mortgage application with Virgin Money going?
It is normal to have concerns where there is a chain as you are unlikely to want to incur expenses too early (mortgage application is approx one thousand pounds, then survey, Aldgate conveyancing search costs, etc). First, you should check that your conveyancing practitioner is on the Virgin Money approved list. Regarding the subsequent steps this very much depends on the specifics of your transaction, motivation for this property and on the state of the market. In a hot market many purchasers will apply for a home loan with Virgin Money and arrange for the valuation and only if it comes back ok would they pay their lawyer to proceed with searches.
I am purchasing a new build house in Aldgate with the aid of help to buy. The developers refused to budge the price so I negotiated 6k of additionals instead. The sale representative told me not inform my solicitor about this side-deal as it would put at risk 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.
How straightforward is it to use the search app to choose a conveyancing practitioner in Aldgate on the approved list for my mortgage?
Step one is to pick a lender such as Yorkshire Building Society, The Royal Bank of Scotland or Barclays Direct then choose your location such as Aldgate. Conveyancing practices in Aldgate and beyond will then be shown.