Me and my partner are purchasing a 2 bedroom apartment in Stocksbridge with a mortgage. We would like to retain our Stocksbridge solicitor, but the lender says he's not on their "panel". It appears that we have little choice but to instruct one of the lender panel conveyancing practices or retain our Stocksbridge lawyer and pay for one of their panel lawyers to represent them. This seems very unfair; is there anything we can do?
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. A further alternative is for your Stocksbridge conveyancing solicitor to apply to be on the conveyancing panel.
The sellers of the property we are hoping to buy hired a conveyancing practitioner in Stocksbridge who has insisted on a lock out contract with a non-refundable deposit of 5k. Is it wise to enter into such agreements?
There are two primary drawbacks with executing a lock out contract (also termed an exclusivity agreement) is that it takes away the focus from making progress with the conveyancing process, so in the absence of it needing little or no negotiation then it could turn out to be a hindrance. It is not particularly popular by Stocksbridge conveyancing practitioners for this reason. The other main concern is the extent of the remedies available - a jilted buyer is not likely to obtain an injunctive ruling by a court to prevent the owner selling to another buyer, so the only remedy open via the agreement will be the reimbursement of wasted charges and, in limited scenarios, the additional payment of penalties.
We see that you have a post code search directory listing solicitors on the Principality conveyancing panel. Do companies pay you a commission if I retain them for our conveyancing in Stocksbridge?
We are a listing service only for law firms wishing to communicate if they are on the Principality conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Stocksbridge.
Should my conveyancer be asking questions about flooding during the conveyancing in Stocksbridge.
Flooding is a growing risk for solicitors specialising in conveyancing in Stocksbridge. Some people will purchase a house in Stocksbridge, fully expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Solicitors are not qualified to impart advice on flood risk, but there are a various searches that can be carried out by the buyer or on a buyer’s behalf which can give them a better appreciation of the risks in Stocksbridge. The standard completed inquiry forms given to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual question of the seller to determine whether the premises has suffered from flooding. If the property has been flooded in past which is not revealed by the owner, then a buyer could commence a claim for damages as a result of such an misleading response. A buyer’s lawyers will also commission an enviro search. This will disclose if there is a recorded flood risk. If so, further inquiries should be conducted.
I'm buying a new build house in Stocksbridge with the aid of help to buy. The builders refused to budge the price so I negotiated 6k of fixtures and fittings instead. The estate agent advised me not reveal to my solicitor about the extras as it could affect my loan with National Westminster Bank. 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.
I opted to have a survey done on a house in Stocksbridge prior to retaining solicitors. I have been advised that there is a flying freehold overhang to the house. The surveyor advised that some banks tend refuse to give a mortgage on such a house.
It varies from the lender to lender. Santander has different requirements for example to Halifax. If you contact us we can check via 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 Stocksbridge. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Stocksbridge to see if the conveyancing costs will increase in light of this.