My husband and I are purchasing property in Fulwell. My property lawyer is not on the bank approved list. Can I still retain my Fulwell conveyancing solicitor notwithstanding that they are excluded from the mortgage company approved list?
Various options include
- Proceed with your preferred Fulwell solicitor but your lender will no doubt instruct a property lawyer on their approved panel. This will result in additional fees together with potential frustration.
- Get a fresh conveyancing practitioner to conduct the conveyancing, ensuring that they are on the mortgage company conveyancing panel.
- Convince your conveyancing practitioner to pull out all the stops to get listed on the lender’s panel of solicitors
My lawyer in Fulwell is not listed on the Birmingham Midshires Conveyancing Panel. Is it possible for me to use my family solicitor notwithstanding that they are excluded from the Birmingham Midshires panel of approved conveyancing solicitors?
Your options are as follows:
- Carry on with your existing Fulwell solicitors but Birmingham Midshires will need to retain a conveyancer on their list of acceptable firms. This will inevitably rack up the total conveyancing fees and result in frustration.
- Choose a new solicitor to to deal with the purchase, obviously checking they are on the Birmingham Midshires panel
When it comes to mortgage companies such as Co-operative, do Fulwell lawyers face an annual charge to be on the conveyancing panel?
We are unaware of any mortgage company fees to be on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
It is not clear whether my lender requires a lease extension. I have called my Fulwell building society branch on numerous occasions and was reassured it wasn't a problem and they would lend. My Fulwell conveyancing solicitor - who is on the lender conveyancing panel- called to say that they will not lend in accordance with their specific requirements. Who do I believe?
Provided that the solicitor is on the bank approved list, she or he must adhere to the Council of Mortgage Lenders’ Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
I was told three weeks ago that my mortgage has been agreed to by Nottingham. Is it usual for Nottingham to only issue the offer once my solicitor in Fulwell is approved on their conveyancing panel? Nottingham have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Nottingham to deal with your lawyer's application to be on the Nottingham conveyancing panel. There's no guarantee that your solicitor will be accepted.
I appreciate that there are debates on Chancel Insurance on online forums. Do I require chancel insurance when buying a property in Fulwell? or I am told that there is an ancient law that could mean that homeowners residing in a parish church boundary may be liable to contribute towards maintenance towards the chancel within the church. Is this relevant for conveyancing in Fulwell?
Unless a prior acquisition of the premises completed after 12 October 2013 you can expect conveyancing practitioners carrying out conveyancing in Fulwell to remain recommending a chancel search and or chancel repair liability policy.
I am buying a new build house in Fulwell with a mortgage from TSB. The builders refused to move on the price so I negotiated five thousand pounds worth of extras instead. The sale representative advised me not to tell my conveyancer about this deal as it may put at risk my loan with the bank. 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 have been on the look out for a flat up to £235,500 and identified one round the corner in Fulwell I like with open areas and station nearby, however it's only got 61 remaining years left on the lease. There is not much else in Fulwell for this price, so just wondered if I would be making a grave error purchasing a short lease?
If you require a home loan the remaining unexpired lease term may be an issue. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.