My fiance and I are purchasing a purpose built flat in Dorchester On Thames with a mortgage from National Westminster Bank.We use our Dorchester On Thames conveyancing solicitor but National Westminster Bank informed us his firm is not listed on their approved list of member firms. We have to appoint a National Westminster Bank panel firm or retain our high street solicitor and fork out for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that National Westminster Bank use our lawyer?
No, not really. The loan issued to you contains various provisions, a common one being that conveyancers must be on the National Westminster Bank solicitor panel. in the past, most mortgage companies 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. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for National Westminster Bank
I note that there are debates on Chancel Insurance on online forums. Do I need this when buying a property in Dorchester On Thames? or I am told that there is a law dating back centuries that means some owners of property living in a parish church boundary will be compelled to pay for maintenance towards the chancel within the church. Is this appropriate for conveyancing in Dorchester On Thames?
Unless a previous purchase of the premises completed post 12 October 2013 you may take it that lawyers delivering conveyancing in Dorchester On Thames to remain encouraging a chancel search and or chancel repair liability insurance.
I'm purchasing my first flat in Dorchester On Thames with a loan from HSBC Bank. The developers would not reduce the price so I negotiated five thousand pounds worth of extras instead. The house builders rep advised me not reveal to my solicitor about this deal as it could adversely affect my mortgage with HSBC Bank. 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 opted to have a survey completed on a property in Dorchester On Thames before appointing solicitors. I have been informed that there is a flying freehold element to the house. My surveyor advised that some lenders tend not grant a loan on such a house.
It depends who your proposed lender is. Lloyds has different instructions from Halifax. If you e-mail us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Dorchester On Thames. Conveyancing may be slightly more expensive based on your lender's requirements.
My husband and I are novice buyers - had an offer accepted, but the property agent advised that the owners will only proceed if we instruct the agent's chosen conveyancers as they need a ‘quick sale’. Our preferred option is to instruct a local solicitor with experience of conveyancing in Dorchester On Thames
It is improbable the owners are behind this. Should the vendor want ‘a quick sale', alienating a serious purchaser is counter productive. Avoid the agents and go straight to the sellers and make the point that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)however you intend to use your own,trusted Dorchester On Thames conveyancing firm - not the ones that will earn their negotiator at the agency a commission or meet his conveyancing thresholds demanded by senior management.
I am short of a 10% deposit on my flat purchase in Dorchester On Thames , but I am anxious go ahead. What can I do?
You can accept a lesser deposit. Many sellers will agree to a lesser deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last second