I had intended to instruct a property lawyer in Forty Hill for our house purchase. Our financial adviser has since notified us that our mortgage company The Royal Bank of Scotland won't deal with them. Why is this not regarded as unfair competition?
Banks normally restrict either the category or the volume of conveyancing firms on their panel. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, a few banks have decided to limit the amount of solicitor practices they use to represent them. Be aware that The Royal Bank of Scotland have no responsibility for the quality of advice provided by any member of The Royal Bank of Scotland Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels since 2008 even though there are differing opinions regarding the level of solicitor engagement in some of that fraud. Data from the Land Registry reveal that hundreds of law firms, including some in or near Forty Hill only perform very few conveyances a year.
I purchased a semi-detached Edwardian property in Forty Hill. Conveyancing solicitor acted for me and Halifax. I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, the second leasehold with the matching address. Is it worth asking Halifax to clarify?
You need to assess 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 Forty Hill and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the situation with your conveyancing lawyer who conducted the conveyancing.
I'm purchasing my first flat in Forty Hill benefiting from help to buy. The developers would not reduce the price so I negotiated 6k of fixtures and fittings instead. The property agent told me not reveal to my conveyancer about the deal as it could impact my mortgage with Clydesdale. 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 decided to have a survey carried out on a property in Forty Hill prior to retaining solicitors. I have been informed that there is a flying freehold aspect to the property. The surveyor advised that some lenders may refuse to give a loan on this type of premises.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Birmingham Midshires. If you call us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Forty Hill. Conveyancing may be slightly more expensive based on your lender's requirements.
Do I need to be wary by estate agents that I am dealing with are encouraging me to use a web based conveyancing firm as opposed to a High Street Forty Hill conveyancing practice?
As with lots of service providers, often referrals from relatives can be most helpful. But there are many players in a conveyancing transaction; estate agents, financial adviser and mortgage companies may suggest lawyers to use. On occasion these solicitors might be known to one of the organisations as being good in their field, but occasionally there is an underlying commercial relationship behind the recommendation. You are at liberty to choose your own lawyer. However, bear in mind that most lenders specify a panel list of law firms you have to use for the lender aspect of your home move.
What should I expect to pay for conveyancing in Forty Hill?
The total sum levied for conveyancing in Forty Hill are likely to be calculated at:
- a fixed amount; or
- an hourly rate (i.e. the time spent on the particular case).
These days very few Forty Hill conveyancing companies charge by the clock