My wife and I are purchasing a 2 bedroom flat in Alexandra Park with a mortgage. We would like to retain our Alexandra Park lawyer, however the lender says he's not on their "panel". It seems we have little choice but to select one of the mortgage company panel firms or retain our Alexandra Park conveyancer and pay for one of their panel lawyers to represent them. We consider that this is inequitable; are we not able to insist that the bank use our Alexandra Park lawyer ?
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. Another option that might be available is for your Alexandra Park conveyancing solicitor to apply to be on the conveyancing panel.
My wife and I are purchasing a brand new duplex in Alexandra Park and my conveyancer is advising me that she has to the mortgage company to reveal incentives from the builder. I am nearing the developer’s deadline to sign contracts and I don't want to prolong deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
At what point does exchange of contracts happen for sale conveyancing in Alexandra Park and am I required to be at the solicitors branch?
If you are in close proximity to our conveyancing solicitors in Alexandra Park you are welcome to attend to sign contracts. However, the firms we recommend offer a countrywide conveyancing service and give as equally comprehensive and professional a job for you when communicating with you by post or email. The executing of the property agreement is not when everything is set in stone. A signed contract simply enables the solicitor to officially exchange when the time is right, which will usually be very shortly after signing. The procedure is is usually a five minute process, although where an extended "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Alexandra Park)to be in the office available at the end of the phone to exchange contracts.
Forgive me if this question is silly but I am unseasoned as a 1st time purchaser of a garden flat in Alexandra Park. Do I pick up the keys to the premises on completion from my lawyer? If so, I will instruct a High Street conveyancing solicitor in Alexandra Park?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will transfer the completion advance to the owner’s solicitors, and once they have received this, you should be called to pick up the keys from the selling Agents and move into your new home. Usually this occurs between 1 and 3pm.
I have a mortgage with Yorkshire BS for my property in Alexandra Park. Conveyancing was finalised a year ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Yorkshire BS?
You must advise Yorkshire BS before letting out your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. In many cases banks or building societies will allow you to rent 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 Yorkshire BS directly. It should not be necessary to do this via a Yorkshire BS conveyancing panel firm.
After what seems like an age I have had an offer on a flat in Alexandra Park accepted, but there is a chain. The sellers have placed an offer on somewhere, but it’s not yet tied up, and are looking at other properties booked. I have selected a nearby conveyancing solicitor in Alexandra Park. What do I do now? When do I get the mortgage application with Nationwide started?
It is usual to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx one thousand pounds, then survey, Alexandra Park conveyancing search charges, etc). The first thing to do is check that your solicitor is on the Nationwide conveyancing panel. As to the next phase this very much depends on the uniqueness of your case, attraction to this property and on the state of the market. In a buoyant market some home buyers would apply for the mortgage with Nationwide and pay for the valuation and only if it was satisfactory would they pay their conveyancing practitioner to proceed with searches.
I used Stirling Law several years ago for my conveyancing in Alexandra Park. Now, I need my documents but the law firm has closed. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Alexandra Park of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I'm buying my first flat in Alexandra Park with the aid of help to buy. The developers refused to reduce the amount so I negotiated £7000 of additionals instead. The estate agent advised me not inform my conveyancer about the side-deal as it will impact my mortgage with Aldermore. Should I keep quiet?.
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.