My wife and I are hoping to acquire a property in Waterlooville and are in fact using a Waterlooville conveyancing firm. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Platform Home Loans Ltd have this morning contacted us to advise us that they have now hit a problem as our Waterlooville lawyer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is normal for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Waterlooville lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
I am buying a property mortgage free in Waterlooville. I have lived for the previous 20 years in Waterlooville. Conveyancing searches are exorbitant. As I have knowledge of the area and road very well must I have all the conveyancing searches?
In the absence of a mortgage, then all but one or two of the Waterlooville conveyancing searches are non-obligatory. Your conveyancer will try and sway you, perhaps strongly, that you should have searches completed, but she has a professional duty to take that path of encouragement . One thing to bear in mind; if you are likely to dispose of the house at a future date, it will likely be be of interest to your prospective purchaser what the searches disclose. There are plenty of instances where properties with functional issues can still show up unexpected search results. A competent conveyancing solicitor in Waterlooville should be able to give you some helpful advice here.
My Solicitor in Waterlooville is not listed on the Halifax Solicitor Panel. Is it possible for me to continue with my prefered solicitor even though they are excluded from the Halifax approved list?
Your options are as follows:
- Carry on with your preferred Waterlooville lawyers but Halifax will need to use a lawyer on their panel. This will result in additional total conveyancing fees as well as result in frustration.
- Find a new solicitor to act in the purchase, obviously checking they are on the Halifax panel
I'm purchasing a new build house in Waterlooville with a mortgage from Coventry Building Society. The sellers refused to reduce the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative advised me not inform my lawyer about the side-deal as it could jeopardize my mortgage with the bank. 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.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in two weeks back in what was supposed to be a straight forward, no chain conveyancing. Waterlooville is the location of the property. Is there any guidance you can give?
Flying freeholds in Waterlooville are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Waterlooville you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Waterlooville may ascertain 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 property.
What does commercial conveyancing in Waterlooville cover?
Commercial conveyancing in Waterlooville covers a wide array of advice, provided by regulated solicitors, relating to business premises. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.