Me and my fiance are intending to buy a 3 bedroom apartment in Brierley Hill with a mortgage. We wish to retain our Brierley Hill conveyancer, but the bank advise he's not on their "panel". We have to appoint one of the mortgage company panel conveyancing practices or keep our Brierley Hill property lawyer as well as pay for one of their panel lawyers to represent them. We feel that this is unjust; is there anything we can do?
No, not really. 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. Another option that might be available is for your Brierley Hill conveyancing solicitor to apply to be on the conveyancing panel.
My wife and I are only a couple days away from an exchange on a house in Brierley Hill and my parents have transferred the ten percent deposit to my lawyer. I am now informed that as the deposit has not arrived from me my solicitor needs to disclose this to my bank. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I disclosed to the lender about my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
Your conveyancing practitioner is legally required to clarify with mortgage company to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only notify this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
Are all Brierley Hill Conveyancing Quality Solicitors on the Skipton conveyancing list of approved solicitors?
It is true that some lenders now make use of CQS as the kick off point for Panel approval such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to join their panels.
Last month we had a mortgage agreed in principle with Yorkshire BS. Brierley Hill conveyancing lawyers have been instructed. How long does it take for Yorkshire BS to forward the offer to the solicitor?
Some lenders take longer than others. Have Yorkshire BS conducted the survey? Have you informed Yorkshire BS as to your lawyers' details and checked that your lawyers are on the Yorkshire BS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
We have agreed to purchase a house in Brierley Hill. A rare aspect is that the roof has a solar panel. TSB have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with TSB your lawyer must follow the conveyancing instructions set out in Part two of UK Finance Lenders’ Handbook for TSB. The CML Handbook sets out minimum specifications for solar panel roof-space leases, and property lawyers are required to report to TSB where a lease fails to meet these requirements. The specifications relate to the installation of panels on properties nationwide and is not limited to Brierley Hill.
five months have gone by following my purchase conveyancing in Brierley Hill concluded. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am purchasing my first flat in Brierley Hill benefiting from help to buy. The sellers refused to move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent told me not inform my lawyer about the extras as it would jeopardize my mortgage with the lender. 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.