I have just been advised by my lender that my Radstock lawyer is not on the lender Solicitor panel. How can I be certain that this is indeed the case?
Your first step should be to contact your Radstock lawyer directly. You lawyer should advise you what has happened. If they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your mortgage company.
We have agreed to purchase a house in Radstock. One unusual aspect is that the roof has a solar panel. Coventry BS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Coventry BS your lawyer must follow the formal instructions set out in Section two of UK Finance Lenders’ Handbook for Coventry BS. The CML Handbook sets out minimum conditions for solar panel roof-space leases, and property lawyers are required to report to Coventry BS where a lease does not meet these provisions. The requirements relate to the installation of panels on properties nationwide and is not limited to Radstock.
We expect to receive a DIP from TSB this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do TSB recommend any Radstock solicitors on the TSB conveyancing panel, or is it better to go independently?
You will need to appoint Radstock solicitors independently although you'll need to choose one on the TSB conveyancing panel. The solicitor represents both you and TSB through the process.
It is not clear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Radstock building society branch on a couple of occasions and was told it does not affect the mortgage offer and they would lend. My Radstock conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Your solicitor must follow the CML Handbook Part 2 conditions for your bank. Unless your lawyer obtains specific confirmation in writing that the bank 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 have been told that property searches are the number one cause of stalling in Radstock house deals. Is this right?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not figure within the common causes of delays in the conveyancing process. Local searches are not likely to be the root cause of holding up conveyancing in Radstock.
I'm buying my first flat in Radstock benefiting from help to buy. The sellers would not budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative told me not reveal to my lawyer about the extras as it will impact my loan 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 decided to have a survey done on a property in Radstock prior to retaining lawyers. I have been advised that there is a flying freehold element to the house. Our surveyor advised that some mortgage companies tend refuse to give a loan on a flying freehold house.
It varies from the lender to lender. Santander has different requirements from Nationwide. Should you wish to telephone us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Radstock. Conveyancing may be slightly more expensive based on your lender's requirements.
Are the Radstock conveyancing lawyers identified as being on the lender conveyancing panel, together with their details provided by the mortgage company?
Radstock firms and firms conducting conveyancing in Radstock themselves provide us confirmation that they are on the bank conveyancing panel as opposed to being supplied with a list from the mortgage company directly.