We are buying a 3 bedroom flat in Tewkesbury with a mortgage. We have a Tewkesbury conveyancer, but the bank advise he's not on their "panel". It appears that we have little choice but to select one of the bank panel solicitors or retain our Tewkesbury conveyancing practitioner and pay for one of their panel firms to act for them. We consider that this is unjust; 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 lender’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 Tewkesbury conveyancing lawyer to apply to be on the conveyancing panel.
I am hoping to complete my purchase in Tewkesbury next Thursday. My solicitor now wants me to supply her with proof of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the bank. What risks does the mortgage company expect the insurance to cover?
Any lawyer on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook instructions. These requirements are not specific to conveyancing in Tewkesbury.
I have a decision in principle. The bank mentioned the home loan came with free conveyancing. Is the implication that I have to instruct their panel lawyer as I would much rather use a Tewkesbury based conveyancing firm?
You should check but the chances are that allocate you one of their panel lawyers where you want the "fee-free" deal. Speak to the bank and determine if they offer you a monetary alternative. In the past a few mortgage companies offered a £250 cashback as an alternative in which case that money can go towards your preferred conveyancing solicitor near Tewkesbury.
My wife and I purchased a semi-detached Edwardian house in Tewkesbury. Conveyancing practitioner acted for me and Britannia. I did a free Land Registry search last week and I saw two entries: one for freehold, the second leasehold under the exact same property. I thought I was buying a freehold how can I check?
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Tewkesbury and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the position with the conveyancing practitioner who conducted the purchase.
I'm buying my first flat in Tewkesbury with the aid of help to buy. The builders refused to budge the price so I negotiated five thousand pounds worth of additionals instead. The estate agent advised me not to tell my solicitor about the deal as it would affect my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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 Tewkesbury before instructing conveyancers. I have been informed that there is a flying freehold aspect to the property. My surveyor advised that some lenders will refuse to give a loan on a flying freehold home.
It depends who your proposed lender is. Lloyds has different instructions from Birmingham Midshires. If you contact us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Tewkesbury. Conveyancing may be slightly more expensive based on your lender's requirements.