My partner and I are hoping to buy a property in Bursledon and are in fact using a Bursledon conveyancing practice. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Skipton Building Society have this morning contacted us to inform me that they have now hit a problem as our Bursledon conveyancer is not on their approved list of lawyers. Is this a problem?
If you are buying a property needing a mortgage it is conventional for the purchasers' solicitors to also act for the purchaser's lender. 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 Accreditation 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 lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Bursledon lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
My wife and I are approaching an exchange on a property in Bursledon and my mum and dad have sent the ten percent deposit to my property lawyer. I am now advised that as the deposit has not arrived from me my lawyer needs to make a notification to my mortgage company. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I disclosed to the lender concerning my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
The conveyancing practitioner is obliged to check with the bank to ensure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
We intend to purchase a newly converted flat in Bursledon with a residential mortgage from Bank of Ireland.We have a Bursledon conveyancing practitioner but Bank of Ireland says his firm is not listed on their "panel". we are left little option but to use a Bank of Ireland panel firm or keep our local solicitor and fork out for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. The mortgage issued to you contains terms and conditions, one of which will be that solicitors must be on the Bank of Ireland 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 solicitors to apply to be on the conveyancing panel for Bank of Ireland
Despite weeks of looking the Title Certificate and documents to our home can not be found. The conveyancers who handled the conveyancing in Bursledon 5 years ago are no longer around. What are my next steps?
Assuming you have a registered title the information relating to your ownership will be recorded by HMLR under a Title Number. It is easy to carry out a search at the Land Registry, identify your property and order current copies of the property title for less than a fiver. Where the property is Leasehold then the Land Registry will in most cases hold a file duplicate of the Registered Lease and again, a copy can be retrieved for £20 inclusive of VAT.
I am buying my first flat in Bursledon with a mortgage from Alliance & Leicester . The sellers refused to budge the amount so I negotiated 6k of fixtures and fittings instead. The sale representative suggested that I not reveal to my lawyer about the extras as it will adversely affect my mortgage with the lender. Do I keep my lawyer in the dark?.
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.
Due to the encouragement of my in-laws I had a survey completed on a property in Bursledon in advance of retaining solicitors. I have been told that there is a flying freehold aspect to the property. My surveyor advised that some mortgage companies will not grant a loan on this type of property.
It depends who your proposed lender is. Lloyds has different instructions for example to Birmingham Midshires. Should you wish to call us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Bursledon. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Bursledon to see if the conveyancing costs will increase in light of this.