My lawyer has identified a a problem with the lease for the apartment we are purchasing in Totterdown. The other side have put forward title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancing practitioner has advised that he must ensure that the bank is willing to move forward with this solution. Are we the client or is the lender?
Regardless of the fact that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their provisions 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 bank are the client. These conveyancing instructions have to be complied with.
We intend to purchase a newly converted apartment in Totterdown with a residential mortgage from Platform Home Loans Ltd.We would like to retain our Totterdown conveyancing lawyer but Platform Home Loans Ltd advised that her practice is not listed on their "panel". It seems we have no choice but to instruct a Platform Home Loans Ltd panel firm or keep our preferred solicitor and pay for a Platform Home Loans Ltd panel lawyer to represent them. We feel as though this is unjust; Can we not simply insist that Platform Home Loans Ltd use our lawyer?
No, not really. The loan issued to you contains various provisions, a common one being that lawyers will be on the Platform Home Loans Ltd conveyancing panel. in the past, most lenders had large numbers of solicitors on their panels: a borrower could find 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 solicitors to apply to be on the conveyancing panel for Platform Home Loans Ltd
Does a directory service exist listing Barclays panel conveyancers in Totterdown on the Building Society Association’s Website?
Unfortunately not yet. There is no such directory service on the Council of Mortgage Lenders or Building Society Association websites. Very few lending institutions make their panel listings available on the web. Where you are in need of a Totterdown lawyer on the Barclays please make the most of our facility.
Last month we had a mortgage agreed in principle with UBS. Totterdown conveyancing solicitors have been chosen. What is the average time that one could expect to receive a mortgage offer from UBS?
There is no definitive answer here. Have UBS conducted the survey? Have you advised UBS as to your lawyers' details and checked that your lawyers are on the UBS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Planning on purchasing a flat in Totterdown. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Nottingham conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Totterdown solicitor is on the Nottingham conveyancing panel.
It has been five months since my purchase conveyancing in Totterdown completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm purchasing my first flat in Totterdown benefiting from help to buy. The developers would not reduce the amount so I negotiated £7000 of fixtures and fittings instead. The estate agent advised me not inform my lawyer about this extras as it may adversely affect my mortgage with Nottingham Building Society. Is this normal?.
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.
How much experience do your Totterdown conveyancing solicitors have with Help To Buy, Shared Equity and similar schemes?
Totterdown conveyancing lawyers help thousands of buyers move home every year and helped lots of clients through the Help To Buy scheme. The chances are that whatever makes your case unique Totterdown conveyancers have worked on recent similar cases.