I plan on purchasing property in Upminster. My property lawyer is not on the lender conveyancing list. Am I still permitted to use my Upminster conveyancing solicitor even though they are excluded from the lender approved list?
You must appoint a conveyancing practitioner to complete the formalities if you require a mortgage to purchase your property. They will conduct all the relevant legal checks on the property, ensuring that you will be registered as proprietor and ensure that all the necessary mortgage documentation is in order. You may select a Upminster solicitor of your choosing. However, if the conveyancer selected is not a member of the lender solicitor panel additional costs will be levied as separate legal representation will be required by them. Bank panel applications can be submitted, so if your lawyer has not previously sought membership they should take the chance to apply.
Our lawyer has discovered a defect with the lease for the property we are buying in Upminster. The seller’s lawyers have suggested title insurance as a solution. We are happy with insurance and will cover the costs. Our property lawyer has advised that he must ensure that the lender is happy with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancing practitioner will have no choice but to discontinue acting for you.
I am considering applying for a Clydesdale mortgage for purchase of a newly converted (under development) in Upminster with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Clydesdale ?
In theory, you could use a solicitor that is not on the Clydesdale conveyancing panel, but Clydesdale would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
I'm buying my first flat in Upminster with a loan from Birmingham Midshires. The builders refused to move on the price so I negotiated £7000 of extras instead. The property agent told me not reveal to my lawyer about the deal as it would adversely affect my mortgage with Birmingham Midshires. Do I keep my lawyer in the dark?.
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've recently found out that there is a flying freehold issue on a house I put an offer in a fortnight ago in what should have been a straight forward, chain free conveyancing. Upminster is where the house is located. Is there any advice you can impart?
Flying freeholds in Upminster are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Upminster you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Upminster may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
How easy is it to use the search tool to select a conveyancing practitioner in Upminster on the panel for my bank?
First pick a lender such as Barclays , The Mortgage Works or Alliance & Leicester then specify your preferred area for example Upminster. Conveyancing practices in Upminster and across England and Wales will then be identified.