Unfortunately I am unable to travel far from Brockenhurst. Can you please spell out why all Brockenhurst conveyancing practitioners are not on all bank panels?
Mortgage Companies tend to restrict either the nature or the number of conveyancing solicitors on their approved list of lawyers. Frequent examples of such restriction(s) being that a organisation needs to have at least two partners. As well as restricting the structure of firm, some building societies made a decision to restrict the number of practices they use to act for them. You should note that banks have no liability for the accuracy of advice given by any Brockenhurst solicitor on their approved list. Mortgage fraud was the key driver in the reduction of conveyancing panels from 2008 notwithstanding that there are opposing views about whether solicitors sat at the center of that fraud. Statistics via HM Land Registry exposes that thousands of conveyancing practices only carry out one or two conveyances a year. Those advocating conveyancing panel culls question why law firms deserve any entitlement to remain on a conveyancing panel when it is apparent that conveyancing is not their speciality?
We are buying a newly built apartment in Brockenhurst and my solicitor is informing me that she is duty bound to the bank to reveal incentives from the developer. I am under pressure to exchange contracts and I don't want to delay the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. 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.
We're in Brockenhurst, First time buyers purchasing with a mortgage (lender is Nationwide , and our solicitor is on the Nationwide conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nationwide conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I am purchasing a new build house in Brockenhurst with the aid of help to buy. The builders refused to budge the price so I negotiated 6k of fixtures and fittings instead. The house builders rep suggested that I not to tell my lawyer about the extras as it would put at risk my mortgage 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.
I've recently found out that there is a flying freehold issue on a house I have offered on a fortnight ago in what should have been a quick, chain free conveyancing. Brockenhurst is where the house is located. What do you suggest?
Flying freeholds in Brockenhurst are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Brockenhurst you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Brockenhurst 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 premises.
I'm refinancing my current home to a buy to let mortgage with Barnsley Building Society and intend to use the remaining equity as a deposit on another property. The location we are interested in is Brockenhurst. Will your conveyancers be able to act for both sets of lenders and link together the transactions?
Do use our comparison tool on this site to ensure that the conveyancers are on the relevant lender panels. Having checked that they are the solicitor should be able to simultaneously deal with the two transactions but you should have a chat with you solicitor and make clear your desired outcome and requirements.