I can't travel far from Newton Aycliffe. Can you please explain the reason why all Newton Aycliffe property lawyers aren't included on all bank panels?
A decade ago most lenders exhibited an approach to risk which is different than today. The financial regulator in 2010 instigated a thematic review into mortgage fraud which in summary warned lenders: know the conveyancers on your panel. As a result, lenders have since looked to extract more data from law firms regarding their operations and the individuals who work for them and set certain criteria such as completing a minimum number of transactions. Many law practices have been excluded from lender panels even though they had 100% healthy disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms were never going to satisfy the criteria of amount of transactions the lenders insisted on.
I am assisting my sister sell her property in Newton Aycliffe. Does the conveyancing solicitor order the energy assessment or do I organise this?
After the abolition of Home Packs, EPC’s remained a mandatory component of moving property. An energy assessment needs to be commissioned before the property is marketed. This is not something that law firms normally arrange. Where you are using a Newton Aycliffe conveyancing lawyer they might be willing to arrange energy performance certificates due to their contacts with long established local accredited person
I was told three weeks ago that my mortgage has been agreed to by Barclays. Is it usual for Barclays to only issue the offer once my solicitor in Newton Aycliffe is approved on their conveyancing panel? Barclays have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Barclays to deal with your lawyer's application to be on the Barclays conveyancing panel. There's no guarantee that your solicitor will be accepted.
Lloyds have agreed my mortgage in principle, my offer on a apartment in Newton Aycliffe has been accepted, what happens next?
Your estate agent will want to know who your solicitors are (be sure the solicitors are on the lender’s panel). Call up Lloyds or the broker and finish off any outstanding paperwork. Lloyds will instruct a valuer who will get in contact with the selling agent or vendor to book an appointment. Once conducted (assuming no problems) it takes about a week to get a mortgage offer. Lloyds will send the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Newton Aycliffe.
I am purchasing my first flat in Newton Aycliffe with a loan from National Westminster Bank. The builders refused to budge the price so I negotiated £7000 of fixtures and fittings instead. The sale representative advised me not disclose to my lawyer about this deal as it may adversely affect my mortgage 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 ground for flat up to £245,000 and found one round the corner in Newton Aycliffe I like with a park and station nearby, the downside is that it's only got 51 years on the lease. I can't really find anything else in Newton Aycliffe suitable, so just wondered if I would be making a grave error buying a short lease?
If you need a mortgage the shortness of the lease will be a potential deal breaker. Reduce 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 2 years you may ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
Am I better off to instruct a Newton Aycliffe conveyancing lawyer who is local to the property I am hoping to buy? I have an old university friend who can execute the conveyancing but they are based a couple of hundredmiles drive away.
The primary upside of using a local Newton Aycliffe conveyancing firm is that you can visit the firm to execute paperwork, hand in your ID and pester them if necessary. Having local Newton Aycliffe know how is a benefit. However it's more important to get someone that will do a good and efficient job. If you know people who instructed your friend and they were happy that should outweigh using an unknown Newton Aycliffe conveyancing lawyer solely due to them being local.
We have an offer in principle from National Westminster Bank who indicated that they will lend up to £350k. At what point do we need to instruct a practitioner for conveyancing? Newton Aycliffe is where we plan to move to.
It would be wise to appoint a solicitor now so that the solicitor can open the file so they can commence the AML checks etc. Once you wish them to commence work you will be asked for a payment on account normally about £175. That would generally be once you have the loan offer from your bank and valuation back, nevertheless should you want to speed matters you can start the ball rolling sooner even though you may be risking some expense.