My husband and I are intending to buy a 1 bedroom flat in Tickton with a mortgage. We have a Tickton solicitor, but the bank says he's not on their "panel". We have to appoint one of the lender panel solicitors or keep our Tickton solicitor as well as pay for one of their panel firms to act for them. This feels 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 Tickton conveyancing lawyer to apply to be on the conveyancing panel.
The vendors of the home we are purchasing have appointed a conveyancing firm in Tickton who has insisted on a lock out agreement with a down payment 10k. Is it wise to enter into such agreements?
This kind of agreement is unusual in Tickton, conveyancers are often found to veer clients away from them as they detract from focusing on the primary objective, namely conveyancing and if you end up losing your deposit then the solicitor is left exposed. Secondly, there is no guarantee that just because the owner has entered into a lock out agreement they will complete the sale with you. They may breach the agreement if they receive a big enough financial inducement to do so because an aggrieved buyer with the benefit of a exclusivity agreement will still have to show losses as a consequence of the breach and these may not amount to the extra amount that your seller may secure by reneging on the agreement, however morally reprehensible that may be.
Are the Tickton conveyancing solicitors identified as being on the Bank of Ireland conveyancing panel, together with their details provided by Bank of Ireland?
Tickton conveyancing firms themselves provide us confirmation that they are on the Bank of Ireland conveyancing panel as opposed to being supplied with a list from Bank of Ireland directly.
Forgive me if this question is silly but I am new to the process as FTB of a two bedroom flat in Tickton. Do I pick up the keys to the premises on the completion date from my conveyancer? If so, I will appoint a local conveyancing solicitor in Tickton?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the completion advance to the owner’s conveyancers, and shortly after the monies have arrived, you will be called to collect the keys from the property Agents and start moving into the property. Usually this happens early afternoon.
My fiancee and I are in the process of viewing houses in Tickton and I am now considering a potential offer. Should I already have a conveyancing practitioner in place at this stage? I will be getting a mortgage with Virgin Money.
It would be wise to start your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their contact information on to the EA. Given that you are taking out a mortgage with Virgin Money, make sure you remember to check that your lawyer is on the Virgin Money conveyancing panel.
I can not work out if my mortgage offer requires a lease extension. I have called into my local Tickton bank branch on various occasions and was told they are content with the situation and they would lend. My Tickton conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they refuse to lend based on their published requirements. Who do I believe?
The conveyancing practitioner must follow the CML Handbook section two requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
I opted to have a survey completed on a property in Tickton ahead of retaining conveyancers. I have been advised that there is a flying freehold aspect to the house. My surveyor has said that some banks tend not grant a mortgage on a flying freehold property.
It varies from the lender to lender. HSBC has different requirements for example to Birmingham Midshires. If you contact us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Tickton. Conveyancing may be slightly more expensive based on your lender's requirements.
I have miscalculated my finances and am a couple of thousand pounds short a 10% deposit on my flat purchase in Tickton , but I am keen proceed. What can I do?
You can agree a lesser deposit. Many sellers will accept a lower deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last moment