I have a decision in principle. The lender mentioned the loan came with free conveyancing. Is the implication that I have to instruct their panel solicitor as I would much rather use a local conveyancing solicitor in Bideford?
Do check but the chances are that allocate you one of their panel solicitors where you accept the "fee-free" incentive. Contact the mortgage company and explore if they offer you a cash alternative. Some banks have previously offered a £250 cashback as a further option in which case you could put that amount towards the cost for your conveyancing solicitor near Bideford.
Are there restrictive covenants that are commonly identified as part of conveyancing in Bideford?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Bideford. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am buying my first flat in Bideford with a loan from Birmingham Midshires. The developers would not reduce the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative advised me not disclose to my lawyer about the side-deal as it will adversely affect my loan with Birmingham Midshires. 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.
Due to the input of my in-laws I had a survey completed on a property in Bideford prior to instructing conveyancers. I have been informed that there is a flying freehold aspect to the house. My surveyor advised that some banks tend refuse to issue a loan on a flying freehold property.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Birmingham Midshires. If you contact us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Bideford. Conveyancing will be smoother if you use a solicitor in Bideford especially if they are accustomed to such properties in Bideford.
Do I have to have a meeting at the offices of the lender conveyancing panel solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Bideford as it will be easier to attend their offices if necessary.
Whereas this was necessary twenty years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Bideford.