Me and my partner are purchasing a 1 bedroom apartment in Sale with a mortgage. We have a Sale conveyancer, however the lender says she’s not on their "panel". It appears that we have little choice but to select one of the lender panel conveyancing practices or keep our Sale lawyer as well as pay for one of their panel firms to act for them. We regard this is unjust; can we not demand that the lender use our Sale lawyer ?
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 Sale conveyancing solicitor to apply to be on the conveyancing panel.
Can conveyancing in Sale to be concluded within 28 days?
First, If the seller is applying time constraints to exchange it is advisable to make sure that your solicitor is familiar with the area as they will have local relationships and intelligence. It is possible that they could have conducted previoushouses in the same neighbourhood. Therefore consider using a Sale conveyancing lawyer. In addition, make sure that the lawyer is on the on the approved list for your mortgage company. It is said that nearly one in five of Sale conveyancing transactions are suspended or derailed after discovering a buyer’s lawyer was not on their banks member panel. In many cases this discovery resulted in the transaction being frustrated by an average of 21 days. It is claimed that this issue impacts in the region of 100,000 home moves every year. Many Sale conveyancing firms can not represent certain lenders so do check at the outset.
Will our conveyancer be raising questions concerning flooding as part of the conveyancing in Sale.
Flooding is a growing risk for conveyancers specialising in conveyancing in Sale. There are those who acquire a house in Sale, fully aware that at some time, it may be flooded. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or sell the premises. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Lawyers are not qualified to impart advice on flood risk, but there are a various checks that can be carried out by the purchaser or by their solicitors which can give them a better appreciation of the risks in Sale. The standard property information forms given to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) includes a standard inquiry of the seller to find out if the property has historically flooded. If the premises has been flooded in past and is not notified by the owner, then a buyer may commence a claim for damages as a result of such an misleading answer. The buyer’s conveyancers will also order an environmental search. This will higlight if there is any known flood risk. If so, more detailed inquiries will need to be initiated.
I am buying a new build house in Sale with the aid of help to buy. The sellers would not move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative told me not to tell my solicitor about this deal as it may impact my loan with Barclays . Do I keep my lawyer in the dark?.
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.
Over the last few months I have been searching for a flat up to £305k and identified one round the corner in Sale I like with a park and transport links in the vicinity, however it's only got 52 years on the lease. There is not much else in Sale suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a mortgage the shortness of the lease will be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you may request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
I have been recommended a conveyancing solicitor in Sale. I need to find out if they are on the bank's conveyancing panel. Can you assist?
One option is to phone your conveyancer to check if they are on the lender's panel. If that does not help call us and we can investigate and revert. Should the firm not be on the bank panel we can certainly arrange a quality conveyancing solicitor in Sale on the panel for your lender.