My wife and I are purchasing a newly built flat in Stanford Le Hope and my solicitor is informing me that she is duty bound to the mortgage company to reveal incentives from the developer. I am on a tight deadline to exchange contracts and I don't want to prolong the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Please explain the implications if my lawyer’s firm is expelled from the HSBC Conveyancing panel ahead of completing my conveyancing in Stanford Le Hope?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I am buying a new build house in Stanford Le Hope with a mortgage from Bank of Scotland. The sellers refused to budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent told me not inform my solicitor about this deal as it may impact my loan with the lender. 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 guidance of my in-laws I had a survey completed on a house in Stanford Le Hope in advance of instructing lawyers. I have been told that there is a flying freehold aspect to the house. My surveyor advised that some banks may not give a loan on such a home.
It varies from the lender to lender. Lloyds has different requirements from Halifax. If you e-mail us we can check with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Stanford Le Hope. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Stanford Le Hope to see if the conveyancing costs will increase in light of this.
I'm converting the mortgage on my primary home to a buy to let loan with Birmingham Midshires and intend to use the remaining equity as a down payment on further house. The location we are interested in is Stanford Le Hope. Will your solicitors be able to act for the two lenders and link together the transactions?
Do use our comparison tool on this site to check that the solicitors are on the appropriate lender panels. On the basis that they are your solicitor will be able to simultaneously deal with the two conveyancing matters but you should talk with you conveyancer and make clear your desired outcome and needs.
My husband and I are 3 weeks into a freehold purchase having been recommend to conveyancers by the selling agent to perform conveyancing in Stanford Le Hope. I am am very frustrated with the quality of service. Could you help me find new conveyancers?
A conveyancer would have to be very poor in order to consider replacing them. Has the loan offer been sent? In the event that it has you will need to advise them of the new lawyer and ensure the loan are re-issued. Your new conveyancer should be on the mortgage company panel to avoid added costs and frustration. So that should be your starting point. The search tool should help you find a bank approved conveyancer for your conveyancing in Stanford Le Hope