I am progressing with the sale of my apartment in Kimbolton and the EA has just e-mailed to advise that the purchasers are appointing a new solicitor. The excuse is that the mortgage company will only deal with property lawyers on their approved list. Why would a big named lender only deal with specific law firms rather the firm that they want to select to handle their conveyancing in Kimbolton ?
Lenders have always had an approved set of law firms that can represent them, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lenders attribute this action to a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any impact on this.
Some advice if I may. My Kimbolton conveyancer is assuring me that he is legally obliged toconduct Kimbolton conveyancing searches due to the fact thatthe firm are on the Virgin Moneyconveyancing panel. Is this really necessary?
Unfortunately both you and your lawyer have little choice here. As you are obtaining a home loan with a bank your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your solicitor would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to comply with the Council of Mortgage Lenders’ Handbook requirements . Even if you were a cash buyer you would be ill advised not to carry out Kimbolton conveyancing searches.
Our lender has recommended solicitors on their panel based in Kimbolton but I would rather choose a conveyancing lawyer in Kimbolton or nearer to where I live. Can you help?
Far from all Kimbolton conveyancing firms are listed all lender’s conveyancing panel. Please make the most of the above search tool to identify a Kimbolton conveyancing firm on the on the mortgage company panel.
A colleague suggested that where I am purchasing in Kimbolton I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally quoted for as part of the standard Kimbolton conveyancing searches. It is a large report of about 40 pages, listing and setting out important information about Kimbolton around the property and the people living there. It includes 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 House Prices, Crime details, Kimbolton Education with maps and statistics, Local Amenities and other useful data concerning Kimbolton.
I'm buying my first flat in Kimbolton benefiting from help to buy. The developers refused to reduce the amount so I negotiated 6k of additionals instead. The property agent advised me not inform my solicitor about this side-deal as it could put at risk my mortgage with the lender. Should I keep quiet?.
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 round the corner in Kimbolton I like with a park and station nearby, however it only has 49 remaining years left on the lease. There is not much else in Kimbolton suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a home loan that many years may be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.