I plan on purchasing a maisonette in Watchet. My Solicitor is not on the bank approved list. Is it possible for me to appoint my Watchet conveyancing solicitor notwithstanding that they are excluded from the mortgage company panel?
Various options include
- Carry on with your existing Watchet property lawyer but your lender will undoubtedly use a lawyer from their approved list. This will result in additional fees and potential frustration.
- Appoint a new property lawyer to conduct the conveyancing, obviously checking they are on the bank conveyancing panel.
- Convince your conveyancer to do everything within their powers to join the lender’s conveyancing panel
Please explain the implications if my solicitor is suspended from the Principality Solicitor panel ahead of completing my conveyancing in Watchet?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I'm buying a new build house in Watchet with the aid of help to buy. The sellers refused to move on the amount so I negotiated £7000 of extras instead. The sale representative suggested that I not reveal to my conveyancer about this extras as it would 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.
Over the last few months I have been searching for a leasehold apartment up to £305k and identified one near me in Watchet I like with amenity areas and station in the vicinity, however it only has 49 years on the lease. I can't really find anything else in Watchet suitable, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a mortgage the shortness of the lease will likely be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of 2 years you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
We are 3 weeks into a leasehold purchase having been referred to a firm by the high street agent to perform conveyancing in Watchet. We are not happy. Can you you assist me in finding new conveyancers?
They would have to be really poor to suggest replacing them. Has your mortgage offer been issued? If so you will need to inform them of the replacement conveyancer and get the loan are re-issued. Your new solicitor ideally needs to be on the lenders approved list to avoid supplemental costs and frustration. So that should be your first question of the new lawyers. Our find a solicitor tool will assist you in finding a lender approved solicitor for your conveyancing in Watchet
Should I stop my mortgage payments with Yorkshire BS once a completion date for my sale in Watchet has been set?
You would be well advised to maintain paying any mortgage payments to Yorkshire BS until the mortgage is repaid from the proceeds of sale as part of your Watchet conveyancing.