I am hoping to receive a mortgage with Nat West. I hope to retain the legal services of a Licensed Conveyancer in Victoria Park. Does the Nat West Solicitor panel exclude conveyancers regulated by the CLC?
The Nat West approved solicitor list is, like many other lenders, represented by the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
My husband and I intend to remortgage our maisonette in Victoria Park with Yorkshire BS. We have a son 18 who lives at home. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the flat is repossessed. I have a couple of concerns (1) Is this form unique to the Yorkshire BS conveyancing panel as he never had to sign this form when we remortgaged 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Yorkshire BS conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Yorkshire BS. This is solely used to protect Yorkshire BS if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Yorkshire BS had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I have been referred to a conveyancing solicitor in Victoria Park. I I am struggling to find out whether they are accepted on the Virgin Money approved list of lawyers. Could you assist?
You should contact your conveyancer and ask them whether they are on the lender panel. Alternatively you should get in touch with Virgin Money who may be able to assist.
My bid for a property was accepted at auction in Victoria Park. Conveyancing is required. What is next?
Given that you have now exchanged you must retain a conveyancing practitioner soon as you will have a tight a fixed date to complete the conveyancing. All auction property will have a bespoke legal set of papers. This will likely include most,if not all of the paperwork that your solicitor will need. If you have purchased leasehold property the conveyancing papers may contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork pertinent to leasehold premises. You must pass this on to your appointed conveyancing solicitor at the earliest opportunity. You also need to ensure that that you have the requisite funding in place to complete the transaction on the set completion date.
We had appointed conveyancers locally in Victoria Park on the Lloyds solicitor approved list. They have just invoiced me a separate fee for dealing with the Lloyds mortgage. Is this a supplemental conveyancing fee specified by Lloyds?
Unfortunately, so long as it is in their Terms of Engagement or Quote then yes your solicitor can levy a fee for this. The charge is not dictated by Lloyds but by your Victoria Park property lawyer. Some firms on the Lloyds panel will charge an ‘acting for lender’ fee and others do not.
After shopping around on the internet I have found a Victoria Park solicitor having checked that they are on the Nottingham conveyancing panel. Does my lawyer arrange the survey of the property?
Nottingham will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nottingham 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. You may wish to consider appointing your own Victoria Park surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I am purchasing my first flat in Victoria Park with the aid of help to buy. The builders refused to move on the price so I negotiated £7000 of fixtures and fittings instead. The estate agent suggested that I not disclose to my lawyer about the deal as it will adversely affect my loan with the lender. 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.
I opted to have a survey done on a property in Victoria Park ahead of retaining solicitors. I have been told that there is a flying freehold element to the house. Our surveyor has said that some banks may not grant a loan on this type of home.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Nationwide. If you call us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Victoria Park. Conveyancing may be slightly more expensive based on your lender's requirements.