We are expecting a mortgage offer soon. The lender mentioned the home loan came with free conveyancing. Is the implication that I have to appoint their panel lawyer as I would prefer to instruct a Verwood based conveyancing firm?
You should check but the chances are that give you one of their panel solicitors if you take up the "fee-free" offer. Contact the bank and check if they make available a cash alternative. In the past a few lenders offered a £250 cashback as an alternative in which case you could put that amount towards your preferred conveyancing solicitor near Verwood.
We were going to get a AIP from Lloyds this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Lloyds recommend any Verwood solicitors on the Lloyds conveyancing panel, or is it better to go independently?
You will need to appoint Verwood solicitors independently although you'll need to choose one on the Lloyds conveyancing panel. The solicitor represents both you and Lloyds through the process.
I have instructed a Verwood lawyer having checked that they are on the Leeds Building Society conveyancing panel. Does my lawyer arrange the survey of the property?
Leeds Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Leeds Building Society will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Verwood postcode. As you are getting a mortgage with Leeds Building Society, you could contact them to see if they have a list of approved surveyors in Verwood.
UBS have agreed my home loan in principle, my offer on a house in Verwood has been accepted, what happens next?
The estate agent will wish to know who your solicitors are (be sure the property lawyers are on the lender’s panel). Call up UBS or your financial adviser and finish off any appropriate forms. UBS will appoint a valuer who will get in contact with the estate agent or owners to arrange a slot for the valuation to happen. Once conducted (assuming no problems) it takes on average a week for the mortgage offer to be issued. UBS will send the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Verwood.
Are there restrictive covenants that are commonly picked up during conveyancing in Verwood?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Verwood. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am buying my first flat in Verwood with a mortgage from Coventry Building Society. The sellers would not reduce the amount so I negotiated £7000 of fixtures and fittings instead. The estate agent advised me not reveal to my lawyer about the side-deal as it could affect my loan with the lender. Is this normal?.
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.
Due to the advice of my in-laws I had a survey completed on a house in Verwood in advance of appointing solicitors. I have been told that there is a flying freehold aspect to the property. My surveyor has said that some mortgage companies will not issue a loan on this type of premises.
It varies from the lender to lender. Lloyds has different instructions from Nationwide. If you call us we can look into this further via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Verwood. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Verwood to see if the conveyancing costs will increase in light of this.
I'm refinancing my primary home to a buy to let loan with Godiva Mortgages Ltd and I will use the rest of the raised equity as a deposit on further property. The neighborhood we are talking about is Verwood. Will your conveyancers be able to act for the two lenders and link together the transactions?
Make use of our comparison tool on this site to be sure that the lawyers are approved by both lenders. Having checked that they are the solicitor will be able to simultaneously deal with the two conveyancing matters but you should talk with you conveyancer and communicate your desired outcome and requirements.