My husband and I are planning to buy a 1 bedroom flat in Wick with a mortgage. We like our Wick conveyancer, however the lender says he's not on their "panel". It seems we have little choice but to instruct one of the bank panel conveyancing practices or keep our Wick lawyer as well as pay for one of their panel firms to act for them. This feels very unfair; is there anything we can do?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’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. A further alternative is for your Wick conveyancing lawyer to apply to be on the conveyancing panel.
The vendors of the house we are purchasing have appointed a conveyancing solicitor in Wick who has insisted on a lock out contract with a non-refundable deposit two thousand pounds. Are such contracts recommended for Wick conveyancing transactions?
Exclusivity contracts are agreements binding a property seller and purchaser granting the buyer exclusive rights to the sale of the property for a set period of time. For all intents and purposes, an exclusivity agreement is a contract specifying that you will be issued with a contract at a later time being the contract for the actual sale. It tends to be used for buyer assurance though in many situations, the seller may enjoy an upside from such agreements as well. There are various positives and negatives to using them but you need to check with your solicitor but note that it may end up incurring extra in conveyancing fees. In light of these reasons these agreements are unusual in relation to conveyancing in Wick.
I am purchasing my first flat in Wick benefiting from help to buy. The developers would not move on the price so I negotiated 6k of additionals instead. The house builders rep advised me not disclose to my solicitor about the deal as it would affect my loan with the lender. Do I keep my lawyer in the dark?.
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 £245,000 and found one round the corner in Wick I like with amenity areas and transport links nearby, however it only has 61 years unexpired on the lease. I can't really find anything else in Wick suitable, so just wondered if I would be making a grave error acquiring a short lease?
If you need a home loan the remaining unexpired lease term will be a potential deal breaker. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for at least twenty four months you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
We are 17 days into a freehold purchase having been referred to conveyancers by the estate agent to perform conveyancing in Wick. I am am starting to be disappointed with the quality of service. Could you you assist me in finding new lawyers?
They would need to be very poor to suggest diss instructing them. Has the loan offer been issued? If so you must make them aware of the replacement lawyer and have the loan are issued to the new lawyers. The conveyancer should be on the mortgage company panel to avoid added charges and complications. So that should be your first question of the new lawyers. The find a solicitor tool should assist you in finding a bank approved lawyer for your home move in Wick
Why do I have to provide my conveyancer with various items of identification ahead of starting selling or purchasing a property in Wick?
Wick solicitors are obliged by the Law Society, SRA, HMLR and current AML legislation to record that the have verified the identity of their clients. It will also be a requirement of your mortgage offer. In addition they have to complete various forms, particularly those relating to Land Tax and need to have details such as your full names, NI number and DOB.