My wife and I are purchasing a new build apartment in Deptford and my lawyer is telling me that she has to the mortgage company to disclose incentives from the builder. I am on a tight deadline to exchange contracts and my preference is not to delay matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Is there a reason why leasehold purchase conveyancing in Deptford is more expensive?
The conveyancing costs on a leasehold premises in Deptford is frequently more expensive than on a freehold property. This is because there is an amount of additional investigations required in dealing with the freeholder and managing agents to obtain evidence about whether the rent and service charges have been cleared and whether there are any major works due in the near future on repairs or maintenance of the block.
We are purchasing a purpose built apartment in Deptford with a loan from Virgin Money.We like our Deptford conveyancing lawyer but Virgin Money informed us he's not on their approved list of firms. we are left little option but to use a Virgin Money panel lawyer or keep our high street solicitor and pay for one of their panel ones to act for them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The loan issued to you contains various provisions, one of which will be that conveyancers must be on the Virgin Money solicitor panel. Until recently, most banks 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 lawyer to apply to be on the conveyancing panel for Virgin Money
Do I find a Licenced Conveyancer or Solicitor for conveyancing in Deptford?
Two types of professional can do conveyancing in Deptford namely licenced conveyancers or solicitors. Both professionals provide the legal services that you need to complete the sale or acquisition of property. Both are required to handle Deptford conveyancing to the same quality and guidelines so you can be safe in the knowledge that your conveyancing will be properly conducted and that all requirements and procedures will be correctly attended to.
The mortgage over my property is with Santander for my property in Deptford. Conveyancing was finalised a year ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Santander?
You must advise Santander in advance of letting out your property as this is likely to be a breach of Santander’s mortgage conditions. It may be that Santander will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Santander directly. You need not do this via a Santander conveyancing panel lawyer.
I was told three weeks ago that my mortgage has been agreed to by Clydesdale. Is it usual for Clydesdale to only issue the offer once my solicitor in Deptford is approved on their conveyancing panel? Clydesdale have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Clydesdale to deal with your lawyer's application to be on the Clydesdale conveyancing panel. There's no guarantee that your solicitor will be accepted.
Is it simple use the search facility to select a conveyancing practitioner in Deptford on the panel for my bank?
First pick a lender such as Lloyds TSB Bank, The Royal Bank of Scotland or Nottingham Building Society then choose your location e.g. Deptford. Conveyancing firms in Deptford and beyond should be identified.