My partner and I are hoping to buy a flat in Alton and are in fact using a Alton conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Platform Home Loans Ltd have this morning contacted us to advise us that they have now hit a problem as our Alton lawyer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Alton solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
Would the conveyancing lawyers identified via your search tool handle conveyancing in Alton by way of an attended exchange?
There are a few conveyancing specialists carrying out personalised exchanges. You should call us to obtain a conveyancing quote and details as to dates.
We see that you have a post code search directory listing firms on the Barclays conveyancing panel. Do firms pay you a commission if I instruct them for our conveyancing in Alton?
We are a listing service only for law firms wishing to communicate if they are on the Barclays conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Alton.
What can a local search reveal about the property I am buying in Alton?
Alton conveyancing often starts with the ordering local authority searches directly from your local Authority or via a personal search organisations for instance Onsearch The local search is essential in every Alton conveyancing purchase; that is if you wish to avoid any nasty once you have moved into your property. The search should reveal data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic sections.
I'm buying my first flat in Alton with a mortgage from The Royal Bank of Scotland. The builders refused to move on the price so I negotiated £7000 of additionals instead. The house builders rep advised me not disclose to my solicitor about the extras as it could impact my mortgage 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 have offered on two weeks back in what was supposed to be a straight forward, no chain conveyancing. Alton is the location of the property. What do you suggest?
Flying freeholds in Alton are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Alton you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Alton may ascertain 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 residence.