We are buying a 3 bedroom flat in Chantry with a mortgage. We like our Chantry conveyancer, but the bank advise he's not on their "panel". We have to appoint one of the mortgage company panel solicitors or continue with our Chantry conveyancer and pay for one of their panel lawyers to represent them. We feel that this is unjust; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s 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 Chantry conveyancing solicitor to apply to be on the conveyancing panel.
The owners have rather brash sellers who has suggested a lock out contract with a payment 10k. Is it wise to enter into such agreements?
There are a couple of main drawbacks with executing a lock out contract (occasionally referred to as a no-shop agreement) is that it diverts attention away from progressing with the conveyancing work, so unless it requires minimal or no negotiation then it may turn out to be a cause of frustration and delay. It is not particularly popular amongst Chantry conveyancing practitioners for this reason. A further concern is the extent of the remedies available - an aggrieved buyer is very unlikely to secure an injunction to stop the owner selling to an alternative purchaser, so the only remedy open via the contract will be the recovery of abortive charges and, in rare situations, the extra payment of penalties.
When it comes to mortgage companies such as Bank of Ireland, do Chantry property lawyers incur an annual charge to be on the conveyancing panel?
We are not aware of any bank fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
We had instructed conveyancers located in Chantry on the Yorkshire BS solicitor approved list. They are now charging me a separate sum for the legal aspects of the Yorkshire BS mortgage. Is this a supplemental conveyancing fee specified by Yorkshire BS?
As unfair as it may appear, as long as it’s in their Terms of Engagement or Quote then yes your property lawyer may charge a fee for this. The fee is not set by Yorkshire BS but by your Chantry conveyancing practitioner. Plenty of firms on the Yorkshire BS panel will levy an ‘acting for lender’ fee and others do not.
Clydesdale have agreed my home loan in principle, my offer on a apartment in Chantry has been accepted, now what?
Your property agent will need to be informed of your conveyancing practitioner's details (ensure that the solicitors are on the lender’s panel). Contact Clydesdale or your financial adviser and complete any appropriate paperwork. Clydesdale will sellect a valuer who will get in contact with the selling agent or owners to arrange an appointment. Once conducted (assuming no problems) it takes on average a fortnight for the mortgage offer to be issued. Clydesdale will send the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Chantry.
We are purchasing a house and the solicitor has raised the issue of Chancel Repair for which the house may be obligated to pay as it falls into the area of such a church. She has recommended insurance. Is this really appropriate for conveyancing in Chantry
Unless a previous purchase of the premises took place post 12 October 2013 you could expect solicitors handling conveyancing in Chantry to continue to suggest a chancel search and or insurance against a claim.
Are there restrictive covenants that are commonly identified during conveyancing in Chantry?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Chantry. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm buying my first flat in Chantry with a loan from Coventry Building Society. The sellers would not reduce the price so I negotiated £7000 of extras instead. The house builders rep advised me not reveal to my solicitor about this extras as it would impact my loan with Coventry Building Society. 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.