My wife and I are hoping to acquire a 3 bedroom apartment in Almondsbury with a mortgage. We have a Almondsbury lawyer, but the bank says he's not on their "panel". We have to appoint one of the mortgage company panel firms or keep our Almondsbury property lawyer and pay for one of their panel lawyers to represent them. We regard this is inequitable; can we not require that the mortgage company use our Almondsbury property lawyer ?
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 Almondsbury conveyancing solicitor to apply to be on the conveyancing panel.
We wanted to use a conveyancing solicitor in Almondsbury for our house purchase. Our financial adviser has since advised us that our bank TSB won't deal with them. Why is this not regarded as unduly restrictive?
A bank may direct that a panel solicitor act for it. You would be expected to meet the charges for this. Please make use of our tool to select a solicitor to conduct conveyancing in Almondsbury on the TSB conveyancing panel.
Completion of my remortgage has taken place for my property in Almondsbury. Conveyancing was a necessary evil but I would like to complain about the lender. Who do I contact should I wish to lodge a complaint?
Almost all lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Team at head office. In most cases complaints to a lender are resolved effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
Intending to buy a house in Almondsbury. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Skipton conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Almondsbury conveyancer is on the Skipton conveyancing panel.
I have finally had an offer on a maisonette in Almondsbury accepted, but there is a chain. The vendors have offered on a property, but it’s not yet tied up, and have viewings of other flats booked. I have selected a high street conveyancing solicitor in Almondsbury. What should be my next step? At what point do I apply for the mortgage with Co-operative?
It is normal to have anxieties where there is a chain as you are unlikely to want to incur costs too early (mortgage application is in the region of £1k, then valuation, Almondsbury conveyancing search fees, etc). The first thing to do is ensure that your lawyer is on the Co-operative conveyancing panel. Concerning the next phase this very much depends on the specifics of your case, desire for the property and on the state of the market. During a hot market some buyers would apply for a home loan with Co-operative and arrange for the valuation and only if it comes back ok would they request their lawyer to press on with searches.
I'm buying my first flat in Almondsbury with a mortgage from Virgin Money. The builders would not reduce the price so I negotiated 6k of extras instead. The sale representative advised me not disclose to my lawyer about this side-deal as it could put at risk my loan with the bank. 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.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in a fortnight ago in what should have been a quick, chain free conveyancing. Almondsbury is where the house is located. What do you suggest?
Flying freeholds in Almondsbury are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Almondsbury you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Almondsbury may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
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