I am not in a position to travel far from Chesterton. Is there a reason why all Chesterton lawyers are not on all lender panels?
Mortgage companies point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud annually.The elimination of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its outcome included recommendations for mortgage companies to review their conveyancing panels, which kicked off a major policy change in the sector. It led to mortgage companies removing a number of firms from their books of approved property lawyers .
The owners of the home we are looking to purchase have appointed a conveyancing firm in Chesterton who has suggested a preliminary contract with a deposit 10k. Are such arrangements the norm for Chesterton conveyancing transactions?
Lock out contracts are contracts between a property vendor and purchaser granting the buyer the sole right to purchase the property for a limited period of time. Essentially, an exclusivity is a document stating that you will be issued with a contract at a later date which is the main conveyancing contract. It tends to be utilised for buyer assurance though in some cases, the seller may enjoy an upside from such agreements as well. There are many pros and cons to using them but you need to check with your solicitor but note that it may result in incurring more in conveyancing charges. For these reasons these agreements are rare when it comes to conveyancing in Chesterton.
My lawyer in Chesterton is not listed on the Yorkshire Building Society Conveyancing Panel. Is it possible for me to use my family solicitor even though they are not on the Yorkshire Building Society panel of approved conveyancing solicitors?
Your options are as follows:
- Carry on with your existing Chesterton lawyers but Yorkshire Building Society will need to use a conveyancer on their list of acceptable firms. This will result in additional overall conveyancing fees and result in frustration.
- Get an alternative lawyer to to deal with the conveyancing, obviously checking they are on the Yorkshire Building Society panel
I am buying my first flat in Chesterton with a mortgage from Skipton 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 solicitor about the side-deal as it could adversely affect my loan with the lender. 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.
I am purchasing a ground floor maisonette in Chesterton. Conveyancing lawyer has been awaiting, from the seller, building insurance paperwork. Earlier today I was advised that the seller must forward the insurance paperwork for the flat above also. Why does my property lawyer want to see the insurance for the flat above? Is it really required? We have been in hold for the previous month…
It is not unheard of in leasehold conveyancing in Chesterton to discover Conveyancing in Chesterton in a minority of cases reveals that the lease requires the tenant's to insure their individual flats rather than the freeholder insuring the entire property - which is clearly preferable. You should check with your conveyancer but it would appear that your solicitor is attempting to establish that the whole building is insured. Insuring your flat is no help when it comes to rebuilding after a fire if the 1st floor cannot be reconstructed as a result of lack of insurance cover.