Me and my partner are buying a 2 bedroom apartment in Skipton with a mortgage. We would like to retain our Skipton solicitor, but the mortgage company says he's not on their "panel". We have to appoint one of the bank panel solicitors or keep our Skipton conveyancer and pay for one of their panel firms to represent them. We regard this is inequitable; can we not insist that the lender use our Skipton conveyancer ?
Unfortunately,no. The mortgage offered to you 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 Skipton conveyancing lawyer to apply to be on the conveyancing panel.
Our solicitor has discovered a a legal deficiency with the lease for the apartment we are purchasing in Skipton. The other side have suggested defective title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer has advised that he must be satisfied that the mortgage company is happy with this solution. Who is the client here, us or the lender?
Notwithstanding that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the lender are the client. These conveyancing instructions have to be complied with.
How up to date is your database of Skipton solicitors on the Coventry BS conveyancing panel? Do Coventry BS send you an updated list?
Skipton conveyancing firms themselves provide us confirmation that they are on the Coventry BS conveyancing panel as opposed to being supplied with a list from Coventry BS directly.
Me and my brother have a renovated Victorian property in Skipton. Conveyancing lawyer acted for me and Barclays Direct. I did a free Land Registry search last week and there are two entries: the first freehold, the second leasehold under the matching property. If a house is not a freehold shouldn't I have been informed?
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Skipton and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the situation with the conveyancing lawyer who conducted the purchase.
I am purchasing a new build house in Skipton with a mortgage from Santander. The developers refused to reduce the price so I negotiated £7000 of additionals instead. The property agent suggested that I not reveal to my lawyer about this extras as it may adversely affect my mortgage with the bank. 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.
My parents are unable to locate their Skipton property on the HMLR site. They have a vague memory fifty years ago when they bought the property there were complications regarding the post code not being identified on some systems.
Nearly all properties in Skipton should appear. Have you attempted a search with just the postcode. Ordinarily it should mention all the residences within the postcode. Assuming the property is recorded it will show up with a title number. Where they bought back in the 60’s it's conceivable it may be unregistered. The property may still be revealed but with the title number identified as 'na'. In this scenario you will need to find the original title documentation which might be with your parent’s bank.