I am hoping to receive a mortgage offer from Santander. I intend to retain the legal services of a Licensed Conveyancer in Long Melford. Does the Santander Solicitor panel allow for conveyancers regulated by the CLC?
The Santander conveyancing panel is, like many other lenders, represented by the CML or BSA, open to Licensed Conveyancers regulated by the CLC.
All was ready to move into my new home in Long Melford next Monday. My lawyer now wants me to supply her with proof of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What risks does the mortgage company expect the insurance to cover?
All property lawyers on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook conditions. These requirements are not limited to conveyancing in Long Melford.
I am being told by my solicitor that restrictive coveneant insurance is necessary on my purchase. What is the level of cover for Long Melford conveyancing?
The appropriate level of restrictive coveneant indemnity insurance should be dictated by who your lender. It would differ for example between Santander and The Royal Bank of Scotland. Conveyancing lawyers as opposed to members of the public take out such policies.
I recently had an offer agreed on an apartment in Long Melford. My financial adviser pressured me to appoint their conveyancer. I paid an advanced payment of £225. Not long after, the conveyancer contacted me embarrassingly acknowledging that they were not on the TSB conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the TSB panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Intending to buy a house in Long Melford. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Virgin Money conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Long Melford solicitor is on the Virgin Money conveyancing panel.
I'm buying a new build house in Long Melford with a loan from Skipton Building Society. The sellers refused to move on the price so I negotiated 6k of extras instead. The estate agent told me not reveal to my lawyer about this deal as it may jeopardize my loan with the bank. 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.
Do I need to be concerned about brokers that I am dealing with are suggesting an online conveyancing firm rather than a High Street Long Melford conveyancing firm?
As is the case with lots of professional services, often referrals from family and friends can be worth their weight in gold. Nevertheless there are lots of players in a conveyancing matter; estate agents, mortgage brokers and banks may put forward solicitors to use. On occasion the conveyancers might be known to one of the organisations as being good in their field, but sometimes there may be a commercial relationship behind the endorsement. You have the discretion to appoint your own lawyer. However, bear in mind that the majority of lenders have an approved list of solicitors you are obliged to use for the mortgage related work in your house move.
How much experience do your Long Melford conveyancing solicitors have with Help To Buy, Shared Equity and similar schemes?
Long Melford conveyancing lawyers help thousands of people move home every year and supported plenty of clients through the Help To Buy scheme. The chances are that whatever makes your case unique Long Melford conveyancers have worked on recent similar cases.