My wife and I are planning to acquire a flat in Shortlands and have instructed a Shortlands conveyancing firm. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Nationwide Building Society have this morning contacted us to inform me that they have now hit a problem as our Shortlands solicitor is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is normal for the purchasers' lawyers to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Shortlands lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
We are expecting a mortgage offer soon. The lender mentioned the home loan came with free conveyancing. Is the implication that I have to appoint their panel conveyancer as I would prefer to appoint a local conveyancing solicitor in Shortlands?
Do check but the the probability is that appoint one of their panel lawyers should you want the "fee-free" incentive. Speak to the lender and determine if they offer you a cash alternative. In the past a few mortgage companies offered a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor near Shortlands.
What can a local search reveal about the property my wife and I buying in Shortlands?
Shortlands conveyancing often starts with the submitting local authority searches directly from your local Authority or via a personal search company for example PSG The local search is essential in every Shortlands conveyancing purchase; that is if you wish to avoid any unpleasant once you have moved into your new home. The search should provide information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject sections.
I'm buying my first flat in Shortlands with the aid of help to buy. The builders would not budge the amount so I negotiated £7000 of fixtures and fittings instead. The property agent suggested that I not disclose to my solicitor about this extras as it would affect my loan with Yorkshire Building Society. Should I keep quiet?.
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.
Due to the encouragement of my in-laws I had a survey completed on a property in Shortlands prior to retaining conveyancers. I have been advised that there is a flying freehold aspect to the house. Our surveyor has said that some mortgage companies will not issue a loan on this type of house.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Nationwide. If you call us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Shortlands. Conveyancing will be smoother if you use a solicitor in Shortlands especially if they are accustomed to such properties in Shortlands.
How easy is it to change a solicitor as I need to find a Shortlands based firm who is on the bank conveyancing panel. Is it advisable to appoint a new law firm?
In the event that you have not formally appointed a conveyancer to start work and have just received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Shortlands that you're considering.