Much to our surprise we have been told by our lender that my Archway lawyer is not on the bank Conveyancing panel. What can I do to be certain that this is indeed the case?
The first thing you need to do is to contact your Archway conveyancer. It is reasonable to expect your lawyer to inform you what has happened. If they are not on the panel they may recommend you to a Archway conveyancing firm that is on the approved list of lawyers for your lender.
We note that you have a search directory listing solicitors on the HSBC conveyancing panel. Do companies pay you a referral fee if I retain them for our own conveyancing in Archway?
We are a listing service only for law firms wishing to communicate if they are on the HSBC conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Archway.
The Archway conveyancing lawyers that just started acting on my purchase in Archway have without warning shut down. They were on acting for me because I needed a solicitor on the Bank of Ireland conveyancing panel and my preferred Archway lawyer was not. I gave my credit card details for them to take £195 for searches. What are my options?
If you have an estate agent involved then let them know straight away so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Bank of Ireland conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to help.
I am buying a new build house in Archway with a mortgage from Coventry Building Society. The developers would not budge the price so I negotiated 6k of fixtures and fittings instead. The house builders rep suggested that I not reveal to my conveyancer about the extras as it will impact 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.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and found one near me in Archway I like with open areas and transport links nearby, however it only has 49 remaining years left on the lease. There is not much else in Archway for this price, so just wondered if I would be making a mistake acquiring a short lease?
If you require a mortgage that many years may be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least twenty four months you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.