I am acquiring an apartment in Freezywater. My property lawyer is not listed on the bank solicitor panel. Am I still permitted to appoint my Freezywater conveyancing solicitor notwithstanding that they are not on the bank panel?
You must instruct a property lawyer to complete the formalities if you require a mortgage to purchase your home. The lawyer will conduct all the essential investigations on the property, ensuring that you will be registered as proprietor and ensure that all the required mortgage paperwork is dealt with. You may select a Freezywater lawyer of your choice. However, where the conveyancing practitioner appointed is not a member of the lender conveyancing panel additional fees will arise as separate legal representation will be need by the bank. Bank panel applications can be submitted, so provided your conveyancer has not previously sought membership they can do so.
I am considering applying for a Bank of Ireland mortgage for purchase of a newly converted (under development) in Freezywater with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Bank of Ireland ?
There is nothing to stop you using your solicitor, but Bank of Ireland will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
My wife and I purchased a terraced Edwardian house in Freezywater. Conveyancing solicitor acted for me and The Royal Bank of Scotland. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, the second leasehold under the matching address. I'd like to know for sure, how can I find out??
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Freezywater and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the position with your conveyancing solicitor who conducted the conveyancing.
I am buying a new build house in Freezywater with a loan from Halifax. The builders would not move on the price so I negotiated 6k of additionals instead. The house builders rep advised me not disclose to my solicitor about this side-deal as it will jeopardize my loan with Halifax. Do I keep my lawyer in the dark?.
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.
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what should have been a quick, no chain conveyancing. Freezywater is the location of the property. Can you shed any light on this issue?
Flying freeholds in Freezywater are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Freezywater you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Freezywater may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
We are in the middle of buying a house in Freezywater. Conveyancing solicitor has told us the title is "Leasehold". Should this make a difference on our home loan valuation?
Freezywater conveyancing does not in most situations involve leasehold houses. The main consideration here is the length of lease and the ground rent. If there are over a hundred years remaining with a nominal rent, it's virtually freehold, so it shouldn't impact the saleability significantly.
On the flip side, if it's, say, 50 years it is bound to have a adverse effect on the saleability, and probably wouldn't be acceptable to the bank. The remaining lease term and ground rent will be stated in the lease provided to your lawyer.