I am buying residence in Cowes. My lawyer is not listed on the bank approved panel. Can I still use my Cowes conveyancing solicitor notwithstanding that they are not on the bank panel?
One must instruct a lawyer to deal with the legal work required when you require a mortgage to purchase your home. They will carry out all the essential investigations on the property, ensuring that you will be properly registered as the owner and ensure that all the required mortgage paperwork is dealt with. You can appoint a Cowes lawyer of your choosing. However, where the conveyancer selected is not on the mortgage company conveyancing panel additional charges will be levied as separate legal representation will be need by the lender. Bank panel applications may be submitted, so where your solicitor has not previously sought membership they should take the opportunity to apply.
My wife and I have just purchased a property in Cowes. We have since encountered a number of problems with the house which we believe were overlooked in the conveyancing searches. What action can we take? Can you clarify the nature of searches that should have been conducted as part of conveyancing in Cowes?
The question is vague as what problems have arisen and if they are specific to conveyancing in Cowes. Conveyancing searches and investigations undertaken during the legal transfer of property are carried out to help avoid problems. As part of the process, the vendor fills in a questionnaire known as a Seller’s Property Information Form. If the information proves to be incorrect, you may have a misrepresentation claim against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Cowes.
Do the Building Society Association intend to launch a searchable register to to identify solicitors on the Norwich and Peterborough Building Society conveyancing panel for instance in Cowes?
We would not expect to be advised of any intention on the part of the BSA to promote such a tool.
My partner and I have organised the release of further funds on our home loan from Kent Reliance as we want to conduct alterations to our house in Cowes. Are we obliged to select a nearby Cowes solicitor on the Kent Reliance conveyancing panel to deal with the legals?
Kent Reliance don't usually require a member of their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Kent Reliance panel.
I'm in the process of looking at houses in Cowes and I am now considering a potential offer. Is it too early to have a solicitor in place? I intend to finance via a mortgage with TSB.
It would be wise to start your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their contact information on to the EA. As you are getting a mortgage with TSB, ask your prospective lawyers if they are on the TSB conveyancing panel otherwise they can't do the mortgage legal work.
I currently have a mortgage with Coventry BS for my property in Cowes. Conveyancing has been completed a year ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Coventry BS?
Your original mortgage agreement with Coventry BS will provide that you need their approval before letting out your property as this is likely to be a breach of Coventry BS’s mortgage conditions. It may be that Coventry BS will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Coventry BS directly. You need not do this via a Coventry BS conveyancing panel firm.
I'm buying a new build house in Cowes with a mortgage from Santander. The developers would not move on the amount so I negotiated £7000 of additionals instead. The property agent told me not inform my solicitor about the deal as it may adversely affect my loan with Santander. Is this normal?.
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 am looking for a conveyancing practitioner in Cowes for my home move. Is it possible to see a firm’s record with the legal regulator?
You may review documented Solicitor Regulator Association (SRA) decisions stemming from inquisitions from 2008 onwards. Go to Check a solicitor's record. To find details Pre 2008, or to check a firm's history, phone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, call +44 (0)121 329 6800. The regulator could recorded call for training purposes.