Me and my partner are hoping to buy a 1 bedroom flat in Waolstenholme with a mortgage. We have a Waolstenholme lawyer, but the mortgage company says he's not on their "panel". We have to appoint one of the lender panel conveyancing practices or continue with our Waolstenholme solicitor as well as pay for one of their panel firms to represent them. We consider that this is unjust; can we not demand that the bank use our Waolstenholme conveyancing practitioner ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’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. Another option that might be available is for your Waolstenholme conveyancing lawyer to apply to be on the conveyancing panel.
We're in Waolstenholme, First timers buying with a mortgage (lender is Nationwide , and our solicitor is on the Nationwide conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nationwide conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
How can we know in advance if a Waolstenholme conveyancing solicitor on the TSB panel is any good?
When it comes to conveyancing in Waolstenholme obtaining recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advise that you speak with the solicitor handling your transaction.
The mortgage over my property is with HSBC for my property in Waolstenholme. Conveyancing was finalised 12 months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform HSBC?
Your original mortgage agreement with HSBC will provide that you need their approval before letting out your property as this is likely to be a breach of HSBC’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact HSBC directly. You need not do this via a HSBC conveyancing panel lawyer.
Kent Reliance have agreed my home loan in principle, my bid on a property in Waolstenholme has been accepted, now what?
Your property agent will wish to be advised as to your solicitor's details (ensure that the conveyancing practitioners are on the bank’s approved list). Contact Kent Reliance or your financial adviser and complete any relevant forms. Kent Reliance will sellect a valuer who will get in touch with the estate agent or owners to book a time for the valuation to happen. Once carried out (assuming no problems) it takes approximately a week for the mortgage offer to be issued. Kent Reliance will send the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Waolstenholme.
I am purchasing my first flat in Waolstenholme with a mortgage from Barclays . The sellers would not move on the price so I negotiated £7000 of fixtures and fittings instead. The house builders rep suggested that I not inform my conveyancer about the side-deal as it will adversely affect my loan with Barclays . Do I keep my lawyer in the dark?.
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.
I decided to have a survey carried out on a property in Waolstenholme before appointing conveyancers. I have been advised that there is a flying freehold overhang to the house. Our surveyor advised that some lenders will not give a mortgage on such a home.
It varies from the lender to lender. HSBC has different instructions for example to Birmingham Midshires. Should you wish to telephone us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Waolstenholme. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Waolstenholme to see if the conveyancing will be more expensive.
Am I better off to use a Waolstenholme conveyancing practitioner based in the vicinity that I am purchasing? We have a good friend who can carry out the legal formalities however they are based a couple of hundredkilometers away.
The primary upside of using a local Waolstenholme conveyancing firm is that you can visit the firm to execute documents, present your identification documents and pester them where appropriate. Having local Waolstenholme know how is a bonus. However it's more important to get someone that will pull out all the stops for you. If other friends have used your friend and on the whole were impressed that should outweigh using an unfamiliar Waolstenholme conveyancing lawyer solely due to them being round the corner.