I am purchasing an apartment in Penarth. My lawyer has never been on on the lender solicitor panel. Is it possible for me to continue with my Penarth conveyancing solicitor even though they are excluded from the bank list of approved lawyers?
You will need to have a lawyer to deal with the legal work required if you require a loan to purchase your property. They will conduct all the necessary due diligence on the property, ensuring that you will be properly registered as the owner and ensure that all the necessary mortgage documentation is in place. You may select a Penarth lawyer of your choice. However, if the solicitor selected is not on the bank solicitor panel additional fees will arise as separate legal representation will be need by the mortgage company. Bank panel applications may be submitted, so provided your conveyancer has not historically applied for membership they should do so.
Why do I have to pay up front for conveyancing in Penarth?
If you are buying a property in Penarth your lawyer will request that you to provide them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. If any down payment is payable against the total price then this will be needed immediately prior to contracts are exchanged. The closing balance that is needed should be sent to your lawyer a few days ahead of the completion date.
What is the best way to check that the solicitor conducting my conveyancing in Penarth is on the mortgage lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Barclays thus spending £192.00 in another set of conveyancing bill.
You should take advantage of the find a conveyancing panel solicitor tool on this web page. Please choose the lender and type ‘Penarth’ or your preferred area and you will discover numerous conveyancers located in Penarth or nearest you.
Is it the case that all Penarth solicitors on the Clydesdale conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Clydesdale conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Some mortgage companies do allow licenced conveyancers on their panel and in that case the firms would be overseen by the Council of Licensed Conveyancers.
We have a mortgage agreed in principle with Santander. Penarth conveyancing solicitors are selected. What is the average time that one could expect to receive a mortgage offer from Santander?
Some lenders take longer than others. Have Santander done the valuation? Have you advised Santander as to your lawyers' details and checked that your lawyers are on the Santander conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
About to purchase maisonette in Penarth. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the UBS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Penarth conveyancing practitioner is on the UBS conveyancing panel.
Are there restrictive covenants that are commonly identified during conveyancing in Penarth?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Penarth. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am buying my first flat in Penarth with a mortgage from Chelsea Building Society. The sellers refused to budge the price so I negotiated 6k of additionals instead. The property agent advised me not reveal to my lawyer about the extras as it may jeopardize my mortgage with the bank. Is this normal?.
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.