I am progressing with the sale of my apartment in Broadstairs and the EA has just e-mailed to advise that the purchasers are appointing a new property lawyer. The excuse is that the lender will only work with property lawyers on their approved list. Why would a major lender only work with certain solicitors rather the firm that they want to choose to handle their conveyancing in Broadstairs ?
Mortgage companies have always had panels of law firms that can represent them, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Mortgage companies blame a rise in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any sway in the decision.
My husband and I changing mortgage lender for our maisonette in Broadstairs with Leeds Building Society. We have a son approaching twenty who lives at home. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the flat is repossessed. I have a couple of concerns (1) Is this document specific to the Leeds Building Society conveyancing panel as he never had to sign this form when we purchased 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Leeds Building Society conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Leeds Building Society. This is solely used to protect Leeds Building Society if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Leeds Building Society had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I'm buying a new build house in Broadstairs with a loan from Lloyds TSB Bank. The builders refused to reduce the amount so I negotiated £7000 of additionals instead. The house builders rep advised me not reveal to my solicitor about this deal as it may adversely affect my loan with Lloyds TSB Bank. Should I keep quiet?.
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.
Over the last few months I have been searching for a leasehold apartment up to £305k and identified one close by in Broadstairs I like with amenity areas and railway links nearby, the downside is that it only has 49 remaining years left on the lease. There is not much else in Broadstairs suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a home loan that many years will likely be a potential deal breaker. Reduce the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of twenty four months you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
We are 18 days into a residential purchase having been recommend to solicitors by the local agent to execute conveyancing in Broadstairs. I am am extremely disappointed with the quality of service. Can you you assist me in finding new lawyers?
They would have to be really poor in order to consider diss instructing them. Has the loan offer been issued? If so you need to inform them of the new contact details and get the loan are issued to the new lawyers. Your new solicitor ideally needs to be on the mortgage company panel to avoid escalating expenses and delays. That should be your starting point. The find a solicitor tool should help you find a bank approved conveyancer for your conveyancing in Broadstairs
For various reasons I cannot travel my Broadstairs conveyancing lawyers office to execute documents connected to my conveyancing in Broadstairs – is this a problem?
No. Broadstairs conveyancing solicitors can undertake home moves for clients throughout the rest of the country. You are unlikely to be required to meet your lawyer in the flesh at a Broadstairs conveyancers office. They can deal with all communications via phone, post and email - whatever works for you.