My husband and I are hoping to buy a newbuild flat in Oadby with a loan from Nationwide Building Society.We use our Oadby conveyancing solicitor but Nationwide Building Society says she’s not on their "panel". We have to appoint a Nationwide Building Society panel solicitor or retain our local solicitor and pay for one of their panel ones to act for them. This seems very unfair; Can we not simply insist that Nationwide Building Society use our lawyer?
No, not really. The home loan issued to you is subject to its terms and conditions, a common one being that solicitors will be on the Nationwide Building Society approved list. Until recently, most banks 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. A further alternative is for your lawyer to apply to be on the conveyancing panel for Nationwide Building Society
Does a directory service exist listing Santander panel conveyancers in Oadby on the Council of Mortgage Lender’s Website?
No. There is no such facility on the CML or Building Society Association sites. A small selection of lenders make their panel listings available over the internet. Where you are looking for a Oadby conveyancing practitioner on the Santander please use our facility.
I am purchasing a property in Oadby. A rare aspect is that the roof has a solar panel. Nationwide have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Nationwide your lawyer must check the conveyancing requirements set out in Part 2 of UK Finance Lenders’ Handbook for Nationwide. The Council of Mortgage Lenders’ Handbook contains minimum conditions for solar panel roof-space leases, and solicitors are required to report to Nationwide where a lease fails to satisfy these provisions. The conditions relate to the installation of panels on properties countrywide and is not restricted to Oadby.
I can not fathom if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Oadby building society branch on various occasions and was told it wasn't a problem and they will lend. My Oadby conveyancing solicitor - who is on the lender conveyancing panel- called and was told they refuse to lend based on their specific requirements. I simply don't know who is right.
Provided that the conveyancing practitioner is on the mortgage company panel, she or he must comply with the Council of Mortgage Lenders’ Handbook requirements for the 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I need some quick conveyancing in Oadby as I am faced with an ultimatum to sign on the dotted line in less than 4 weeks. Thankfully I do not require a mortgage. Can I escape the need for conveyancing searches to save money and time?
If.Given you are not getting a mortgage you have the choice not to do searches although no lawyer would suggest that you don't. With lots of history conveyancing in Oadby the following are instances of what can be revealed and adversely impact future saleability: Refused Planning Applications, Overdue Charges, Overdue Grants, Railway Schemes,...
I'm purchasing a new build house in Oadby with the aid of help to buy. The builders would not budge the amount so I negotiated 6k of extras instead. The estate agent told me not reveal to my conveyancer about the deal as it may put at risk my mortgage with The Royal Bank of Scotland. 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've recently found out that there is a flying freehold element on a property I have offered on last month in what was supposed to be a straight forward, no chain conveyancing. Oadby is the location of the property. Can you offer any guidance?
Flying freeholds in Oadby are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Oadby you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Oadby may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I previously told by my lender that their panel solicitors work on no completion no fee basis for conveyancing in Oadby. My purchase aborted nevertheless the lawyers want search fees! They say the fees are independent!
Oadby conveyancing search costs are disbursements not solicitors costs as these are paid to independent parties.