My husband and I are purchasing a 3 bedroom flat in Ferryhill with a mortgage. We have a Ferryhill lawyer, however the lender says she’s not on their "panel". We have to appoint one of the bank panel solicitors or continue with our Ferryhill solicitor and pay for one of their panel firms to act for them. This seems very unfair; are we not able to insist that the lender use our Ferryhill conveyancer ?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders 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 Ferryhill conveyancing lawyer to apply to be on the conveyancing panel.
Do the conveyancing lawyers that you recommend handle right to buy conveyancing in Ferryhill?
We have identified plenty of conveyancing practitioners who can service right to buy transactions You should call us in order to get a costs calculation.
I'm buying a new build house in Ferryhill benefiting from help to buy. The developers would not budge the price so I negotiated five thousand pounds worth of additionals instead. The estate agent told me not to tell my lawyer about this extras as it may jeopardize my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Due to the advice of my in-laws I had a survey completed on a property in Ferryhill ahead of appointing lawyers. I have been told that there is a flying freehold overhang to the house. Our surveyor advised that some mortgage companies may refuse to issue a loan on such a property.
It varies from the lender to lender. Santander has different requirements for example to Nationwide. If you call us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Ferryhill. Conveyancing may be slightly more expensive based on your lender's requirements.
We're FTB’s - had an offer accepted, yet the estate agent told us that the owners will only go ahead if we instruct the agent's recommended solicitors as they are insisting on a ‘quick sale’. We would rather use a local conveyancer who is accustomed to conveyancing in Ferryhill
We suspect that the seller is not behind this demand. If they require ‘a quick sale', taking such a hostile approach to a genuine buyer is likely to cause more damage than good. Avoid the agents and go straight to the sellers and explain that (a)you are serious buyers (b)you are excited to move forward, with finances in place © you do not need to sell (d) you wish to move quickly (e)but you intend to instruct your preferred Ferryhill conveyancing solicitors - as opposed tothose that will earn the estate agent a referral fee or meet his conveyancing figures set by corporate headquarters.
I'm purchasing a house in Ferryhill. I can find my conveyancer's company on the Law Society's list, but I can't locate my lawyer's name as listed on the regulator's website. Should I be concerned?
Not all staff in the practice must be listed by the regulator. As long there is someone qualified to 'oversee' the work, the actual day-to-day activity can be conducted by unlicensed staff.