I am getting a mortgage offer from Lloyds. I hope to instruct a Licensed Conveyancer in Weymouth. Does the Lloyds Conveyancing panel exclude conveyancers regulated by the CLC?
The Lloyds approved solicitor list is, like many other lenders, represented by the CML or BSA, open to Licensed Conveyancers regulated by the CLC.
My wife and I are soon to exchange on the purchase of a property in Weymouth but as a result of wreckage from the recent storms I have was able negotiate recompense from the owner in the sum of £2k in the form of a reduction in the price. I had intended this to be dealt with as part of the conveyancing process yet Nationwide will not permit this. Should they have been approached?
The solicitor being on a Nationwide approved list is required to inform Nationwide of any variations to the purchase price. If you were to refuse your lawyer to report the price change to Nationwide then they would have to discontinue acting for you. In addition, Nationwide and you would have to appoint a new solicitor for your conveyancing in Weymouth.
We are hoping to buy a newbuild flat in Weymouth with a loan from Accord Mortgages Ltd.We like our Weymouth conveyancing solicitor but Accord Mortgages Ltd informed us his firm is not listed on their "panel". We have to appoint a Accord Mortgages Ltd panel lawyer or retain our local solicitor and pay for one of their panel ones to act for them. We feel as though this is unjust; Can we not simply insist that Accord Mortgages Ltd use our lawyer?
Unfortunately,no. The mortgage issued to you is subject to its various provisions, one of which will be that conveyancers needs to be on the Accord Mortgages Ltd conveyancing panel. in the past, most mortgage companies had large numbers of solicitors 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. A further alternative is for your solicitors to apply to be on the conveyancing panel for Accord Mortgages Ltd
I'm purchasing my first flat in Weymouth with a loan from Godiva Mortgages Ltd. The sellers refused to reduce the amount so I negotiated £7000 of extras instead. The house builders rep advised me not disclose to my lawyer about this side-deal as it may jeopardize my mortgage with Godiva Mortgages Ltd. Should I keep quiet?.
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.
Over the last few months I have been searching for a ground for flat up to £195,000 and found one close by in Weymouth I like with amenity areas and station in the vicinity, however it's only got 51 years unexpired on the lease. There is not much else in Weymouth suitable, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a home loan the shortness of the lease may be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least 2 years you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
A couple of weeks ago I was told by my mortgage company that their approved solicitors work on no sale no fee basis for conveyancing in Weymouth. My purchase aborted and now the solicitors have invoiced for search fees! They say the fees are nothing to do with their fees!
By promising "no sale no fee" Weymouth conveyancing lawyers are foregoing their fees for any work carried out. We should make it clear that this is not to be regarded as an insurance scheme. you will still required to reimburse any costs that your conveyancing practitioner has expended on your behalf such as Weymouth local authority checks