My fiance and I are acquiring residence in Mumbles. My Solicitor is not listed on the lender approved panel. Can I still continue with my Mumbles conveyancing solicitor even though they are not on the lender approved list?
One will need to appoint a property lawyer to complete the legal work required when you need a mortgage to purchase your property. They will conduct all the appropriate investigations on the property, make sure that you will be properly registered as the owner and ensure that all the required mortgage documentation is dealt with. You could instruct a Mumbles conveyancing practitioner of your choosing. However, where the conveyancer appointed is not a member of the bank approved list supplemental charges will arise as separate legal representation will be need by the mortgage company. Lender panel applications may be submitted, so where your lawyer has not historically sought membership they should take the chance to apply.
Our Mumbles conveyancer has discovered an inconsistency between the assumptions in the valuation survey and what is revealed within the legal papers for the property. My solicitor says that he is duty bound to ensure that the lender is OK with this discrepancy and is still content to lend. Is my lawyer’s stance appropriate?
Your solicitor must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
we are a couple who decided to purchase a purpose built apartment in Mumbles with a mortgage from HSBC Bank.We use our Mumbles conveyancing practitioner but HSBC Bank informed us she’s not on their "panel". It seems we are left with little choice but to instruct a HSBC Bank panel solicitor or retain our preferred solicitor and fork out for one of their panel ones to act for them. We feel as though this is unjust; Can we not simply insist that HSBC Bank use our lawyer?
No, not really. The mortgage issued to you is subject to its various provisions, a common one being that solicitors must be on the HSBC Bank conveyancing panel. in the past, most lenders had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for HSBC Bank
Last month we had a mortgage agreed in principle with RBS. Mumbles conveyancing lawyers are instructed. How long does it take for RBS to issue the offer to the property lawyer?
Some lenders take longer than others. Have RBS conducted the valuation? Have you informed RBS as to your lawyers' details and checked that your lawyers are on the RBS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I am buying a property in Mumbles. One unusual aspect is that the roof has a solar panel. Skipton have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Skipton your lawyer must check the formal instructions contained in Part 2 of UK Finance Lenders’ Handbook for Skipton. The Council of Mortgage Lenders’ Handbook sets out minimum conditions for solar panel roof-space leases, and solicitors are required to report to Skipton where a lease does not comply with these requirements. The requirements relate to the installation of panels on properties nationwide and is not restricted to Mumbles.
I have decided to exercise my right to buy my property in Mumbles off the council. I have a mortgage agreed with Coventry BS. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Coventry BS, you will need to appoint a solicitor on the Coventry BS conveyancing panel.
I'm buying a new build house in Mumbles with the aid of help to buy. The developers refused to move on the price so I negotiated 6k of extras instead. The sale representative told me not inform my lawyer about this deal as it could adversely affect my loan with the lender. 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.
Due to the encouragement of my in-laws I had a survey completed on a property in Mumbles before retaining solicitors. I have been told that there is a flying freehold aspect to the property. My surveyor advised that some lenders will refuse to grant a loan on such a home.
It depends who your proposed lender is. Bank of Scotland has different requirements from Halifax. Should you wish to call us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Mumbles. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Mumbles to see if the conveyancing costs will increase in light of this.