We are hoping to acquire a 1 bedroom flat in Newtown with a mortgage. We like our Newtown conveyancer, but the lender advise he's not on their "panel". It appears that we have no choice but to use one of the mortgage company panel firms or continue with our Newtown solicitor and pay for one of their panel firms to act for them. This seems very unfair; are we not able to demand that the bank use our Newtown solicitor ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose 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 Newtown conveyancing lawyer to apply to be on the conveyancing panel.
Can you clarify what the consequences are if my lawyer’s firm is expelled from the RBS Solicitor panel ahead of completing my conveyancing in Newtown?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
We previously selected solicitors based in Newtown on the HSBC solicitor panel. They have just invoiced me a separate charge for dealing with the HSBC mortgage. Is this an additional conveyancing fee set by HSBC?
Unfortunately, as long as it is in their Terms and Conditions or estimate then yes your conveyancer is entitled to levy a fee for this. The charge is not dictated by HSBC but by your Newtown lawyer. Numerous firms on the HSBC panel will charge an ‘acting for lender’ fee and others do not.
It is unclear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Newtown bank branch on a couple of occasions and was advised it wasn't an issue and they would lend. My Newtown conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Your solicitor must comply with the CML Handbook Part 2 conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the lender 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 lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
I recently had an offer agreed on an apartment in Newtown. My mortgage broker pressured me to appoint their solicitor. I paid an advanced payment of £225. Not long after, the solicitor contacted me to say that they were not on the Aldermore 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 Aldermore 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.
I'm buying a new build house in Newtown with a mortgage from Bank of Scotland. The sellers would not move on the price so I negotiated five thousand pounds worth of additionals instead. The sale representative suggested that I not disclose to my lawyer about this deal as it could impact my loan with the bank. Should I keep quiet?.
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 UK Finance website. UK Finance 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.
Is it simple use the search app to find a conveyancing solicitor in Newtown on the authorised to act for my lender?
First choose a mortgage company such as National Westminster Bank, Bank of Scotland or Platform Home Loans Ltd then specify your preferred area for example Newtown. Conveyancing organisations in Newtown and across England and Wales should be shown.
In my capacity as executor for the will of my grandmother I am disposing of a house in Cardiff but reside in Newtown. My solicitor (based 250 miles from mehas requested that I execute a stat dec prior to the transaction finalising. Can you recommend a conveyancing lawyer in Newtown to witness this legal document for me?
strictly speaking you are unlikely to be required to have the documents witnessed by a conveyancing solicitor. Ordinarily or notary public or solicitor will suffice regardless of whether they are Newtown based