I can't travel far from Colsterworth. What is the rationale as to why all Colsterworth property lawyers aren't included on all mortgage company panels?
Mortgage companies highlight the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud annually.The elimination of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its conclusions included recommendations for mortgage companies to review their conveyancing panels, which triggered a major policy change in the sector. This resulted in banks and building societies culling less reputable firms off their official list of approved solicitors .
We previously instructed conveyancing lawyers locally in Colsterworth on the Nottingham solicitor panel. They have just billed me a separate sum for handling the Nottingham mortgage. Is this a supplemental conveyancing fee specified by Nottingham?
As unfair as it may seem, as long as it’s in their Terms of Engagement or Quote then yes your solicitor may levy a fee for this. This fee is not dictated by Nottingham but by your Colsterworth solicitor. Some firms on the Nottingham panel will quote an ‘acting for lender’ fee and others do not.
Two weeks ago we had a mortgage agreed in principle with Aldermore. Colsterworth conveyancing practitioners have been selected. How long does it take for Aldermore to issue the offer to the lawyer?
There is no definitive answer here. Have Aldermore conducted the survey? Have you informed Aldermore as to your lawyers' details and checked that your lawyers are on the Aldermore conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I have instructed a Colsterworth conveyancing practitioner having checked that they are on the Nationwide conveyancing panel. Does my lawyer arrange the survey of the property?
Nationwide will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nationwide will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Colsterworth surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I am close to exchanging contracts on the sale of our house in Colsterworth and the buyers lawyers are claiming that there is a possibility that the property was built land that was not decontaminated. A local conveyancer would know that there is no such problem. It does beg the question why the buyers instructed a nationwide conveyancing outfit rather than a conveyancing solicitor in Colsterworth. We have lived in Colsterworth for 4 years we know that this is a non issue. Should we contact our local Authority to obtain clarification need.
It sounds as though you may have a conveyancing solicitor currently acting for you. What do they say? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
I am buying a new build house in Colsterworth with the aid of help to buy. The developers refused to budge the amount so I negotiated 6k of extras instead. The estate agent advised me not to tell my conveyancer about this deal as it may put at risk my mortgage with the lender. Do I keep my lawyer in the dark?.
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.
I decided to have a survey done on a property in Colsterworth ahead of instructing conveyancers. I have been advised that there is a flying freehold element to the house. The surveyor has said that some mortgage companies tend refuse to grant a mortgage on such a home.
It depends who your proposed lender is. Santander has different instructions for example to Nationwide. Should you wish to call us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Colsterworth. Conveyancing will be smoother if you use a solicitor in Colsterworth especially if they are familiar with such properties in Colsterworth.
I'm converting the mortgage on my current house to a buy to let mortgage with Coventry Building Society and I will use the rest of the raised equity as a down payment on another property. The location we are looking at is Colsterworth. Will your conveyancers be able to act for the two banks and tie in the transactions?
Do use our comparison tool on this site to ensure that the solicitors are approved by both lenders. On the basis that they are the solicitor should be able to tie up the two transactions but you should have a chat with you lawyer and communicate your expectations and requirements.