We are purchasing a 1 bedroom flat in Parbold with a mortgage. We have a Parbold solicitor, but the mortgage company advise she’s not on their "panel". We have to appoint one of the bank panel conveyancing practices or retain our Parbold property lawyer and pay for one of their panel lawyers to represent them. This feels very unfair; can we not require that the bank use our Parbold solicitor ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’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. A further alternative is for your Parbold conveyancing solicitor to apply to be on the conveyancing panel.
My lawyer has discovered a a legal deficiency with the lease for the property we are purchasing in Parbold. The seller’s lawyers have put forward defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancing practitioner says that he must be satisfied that the lender is happy with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your property lawyer will have no choice but to discontinue acting for you.
It has been five months since my purchase conveyancing in Parbold concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm purchasing my first flat in Parbold with the aid of help to buy. The developers refused to reduce the price so I negotiated £7000 of fixtures and fittings instead. The sale representative told me not inform my conveyancer about this side-deal as it would put at risk my mortgage 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.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a simple, chain free conveyancing. Parbold is where the house is located. Is there any guidance you can give?
Flying freeholds in Parbold are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Parbold you must be sure that your lawyer goes 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 Parbold may determine 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 residence.
I am short of a 10% deposit on my apartment purchase in Parbold , but I am anxious exchange. What can I do?
One option is to try and agree a smaller deposit. Most property owners will accept a smaller deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last minute