Am I correct in assuming that the fact that my solicitor in Ashington is not identified on my lender's conveyancing panel that there is a problem with the quality of his conveyancing?
That is most likely an incorrect assumption to make. There are plenty of plausible explanations. Just recently a report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Where you are concerned you should contact the Ashington conveyancing practice and enquire why they are no longer on the approved list for your bank.
The owners of the house we are looking to purchase have appointed a conveyancing practitioner in Ashington who has suggested a lock out agreement with a down payment of 5k. Are such agreements sensible?
Lock out contracts are agreements between a home vendor and purchaser granting the buyer a ‘clear field’ to the sale of the premises within a prescribed time frame. For all intents and purposes, a lock out is a document specifying that you will be issued with a contract at a later date which is the contract for the actual sale. It is generally used for buyer protection though in many situations, the vendor may stand to benefit from such agreements as well. There are many pros and cons to having an agreement but you need to check with your conveyancer but beware that it may end up costing you extra in conveyancing fees. In light of this these agreements are unusual in relation to conveyancing in Ashington.
I am purchasing my first flat in Ashington with a loan from Lloyds TSB Bank. The sellers refused to reduce the amount so I negotiated 6k of fixtures and fittings instead. The property agent suggested that I not reveal to my solicitor about this side-deal as it may jeopardize my loan with the lender. 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.
Due to the encouragement of my in-laws I had a survey completed on a house in Ashington before instructing lawyers. I have been advised that there is a flying freehold aspect to the house. Our surveyor has said that some mortgage companies tend refuse to give a loan on this type of premises.
It depends who your proposed lender is. Santander has different instructions for example to Birmingham Midshires. If you contact us we can look into this further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Ashington. Conveyancing will be smoother if you use a solicitor in Ashington especially if they are accustomed to such properties in Ashington.
What is different about your site and other online quote calculators for conveyancing in Ashington?
At this site get a fixed fee quote via a Solicitor or Licensed Conveyancer that understands the nuances for your conveyancing in Ashington. Unlike many estate agents and many comparison sites we are not in the business of charging firms a commission if you appoint them for your home move in Ashington
My husband and I have recently had an offer accepted on a flat and had meeting on Friday with HSBC for the mortgage. They have informed us that when it comes to appointing a lawyer that if they are not on their approved list of conveyancing practitioners then we will be subject to an an extra charge of £250+. This is is due to the fact that they would then have to select a solicitor to act on their behalf in addition to the one we choose to act for ourselves and we are liable for their fees. I have asked HSBC to supply me with a list so I can obtain estimates only from their approved conveyancers but was told they dont have such a list to hand over. Is there a simple way of finding out who is on a lender panel?
You should ask HSBC what their panel criteria is for a solicitor.Then ask the conveyancing practitioner of your choice whether they fit that criteria and have they acted on mortgages for HSBC before. Where the answer to those is yes, then just clarify this with HSBC. Another option is to make use of our search facility and we should be able to locate a solicitor in Ashington on the panel for HSBC.