My wife and I are planning to purchase a property in Cottingham and have appointed a Cottingham conveyancing firm. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Halifax have this afternoon contacted us to inform me that they have now hit a problem as our Cottingham lawyer is not on their conveyancing panel. Please explain?
When purchasing a property with mortgage finance it is standard for the purchasers' lawyers to also represent the mortgage company. 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 property lawyer should contact your mortgage company 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 and you may continue to use your own Cottingham solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
When does exchange of contracts take place for sale conveyancing in Cottingham and am I required to be at the conveyancers branch?
Where you are local to one of the conveyancing solicitors in Cottingham you are welcome to come in to sign documents. However, the firms we work with provide countrywide coverage for conveyancing and give as equally diligent and professional a job for you when dealing with you digitally. The executing of the property agreement is not when everything is set in stone. A signed contract simply enables the solicitor to exchange contracts at the suitable time, which is ordinarily shortly after signing. The exchange process is is usually a five minute process, although where a lengthy "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Cottingham)to be in the office at the appropriate time.
We are expecting a mortgage offer soon. The bank mentioned the home loan came with free conveyancing. Does this mean I have to use their panel conveyancer as I would prefer to appoint a Cottingham based conveyancing firm?
You should check but the chances are that allocate you one of their panel solicitors if you accept the "fee-free" deal. Call the lender and check if they allow a cash alternative. Some lenders have previously offered a £250 cashback as an alternative in which case that money can go towards your preferred conveyancing solicitor near Cottingham.
I'm buying my first flat in Cottingham with a mortgage from Yorkshire Building Society. The builders would not move on the amount so I negotiated £7000 of additionals instead. The estate agent advised me not to tell my solicitor about the side-deal as it would adversely affect my mortgage with the lender. Should I keep quiet?.
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've recently found out that there is a flying freehold element on a property I have offered on two weeks back in what should have been a quick, chain free conveyancing. Cottingham is where the house is located. Is there any advice you can give?
Flying freeholds in Cottingham are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Cottingham you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cottingham 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 residence.
Is it simple use the search facility to find a conveyancing lawyer in Cottingham on the panel for my lender?
1st pick a lender such as HSBC Bank, Coventry Building Society or Godiva Mortgages Ltd then specify your preferred area for example Cottingham. Conveyancing firms in Cottingham and across England and Wales will then be listed.