We wanted to use a conveyancing solicitor in Elmstead for our house move. Our broker has since advised us that our mortgage lenders Godiva Mortgages Ltd won't deal with them. Surely this is unfair competition?
Before the recession most mortgage companies had a different appetite for risk. Almost all Elmstead conveyancing firms would have been on most mortgage company panels. The financial services regulator in 2010 completed a thematic review into mortgage fraud which concluded: know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more information from law firms concerning their operations and their employees and establishing certain criteria such a completing on a minimum volume of conveyancing. Many Elmstead conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Elmstead is amongst the many locations where the solicitors showing on our search results are on the panel for Godiva Mortgages Ltd.
Does a directory service exist listing Barclays panel solicitors in Elmstead on the UK Finance Lenders’ Handbook Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association sites. Very few mortgage companies make their panel listings open the public online. If you are seeking to appoint a Elmstead conveyancing practitioner on the Barclays please make the most of our facility.
How can we know in advance if a Elmstead conveyancing solicitor on the Nationwide panel is any good?
When it comes to conveyancing in Elmstead getting recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advise that you speak with the solicitor carrying out your transaction.
I have finally had an offer on a flat in Elmstead accepted, but there is a chain. The vendors have offered on on an apartment, however it’s not been accepted yet, and are looking at other apartments booked. I have selected a bricks and mortar conveyancing solicitor in Elmstead. What do I do now? When do I get the mortgage application with HSBC started?
It is normal to have concerns where there is a chain as you are unlikely to want to incur expenses prematurely (home loan application is in the region of £1k, then survey, Elmstead conveyancing search costs, etc). First, you should ensure that your solicitor is on the HSBC conveyancing panel. As to the subsequent stages this very much dictated by the specifics of your transaction, desire for the property and on the state of the market. During a buoyant market the majority of home buyers would apply for the mortgage with HSBC and pay for the valuation and only if it comes back ok would they request their lawyer to move forward with the conveyancing in Elmstead.
A colleague suggested that if I am purchasing in Elmstead I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally quoted for as part of the standard Elmstead conveyancing searches. It is not a small report of about 40 pages, listing and detailing important information about Elmstead around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Elmstead Education with plans and statistics, Local Amenities and other useful data concerning Elmstead.
Me and my brother own a terraced Victorian house in Elmstead. Conveyancing practitioner acted for me and Bank of Ireland. I did a free Land Registry search last week and I saw two entries: the first freehold, another for leasehold with the matching property. I'd like to know for sure, how can I find out??
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Elmstead and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the position with your conveyancing practitioner who conducted the work.
I'm buying my first flat in Elmstead with the aid of help to buy. The builders would not reduce the amount so I negotiated five thousand pounds worth of additionals instead. The sale representative advised me not inform my solicitor about this extras as it could put at risk my mortgage with Accord Mortgages Ltd. 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.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one near me in Elmstead I like with a park and transport links nearby, the downside is that it's only got 52 remaining years left on the lease. I can't really find anything else in Elmstead for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a home loan that many years will likely be problematic. Discount the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.