I plan on buying a leasehold flat in Farnham Royal. My lawyer has never been on on the bank approved list. Is it possible for me to retain my Farnham Royal conveyancing solicitor notwithstanding that they are excluded from the lender list of approved lawyers?
You must use a property lawyer to complete the formalities if you need a mortgage to purchase your home. They will carry out all the essential investigations on the property, make sure that you will be registered as proprietor and ensure that all the required mortgage documentation is dealt with. One could instruct a Farnham Royal property lawyer of your choice. Nevertheless, if the solicitor selected is not on the bank solicitor panel additional fees will be levied as separate legal representation will be required by them. Bank panel applications can be submitted, so if your lawyer has not historically applied for membership they should take the opportunity to apply.
We are purchasing a purpose built apartment in Farnham Royal with a residential mortgage from Lloyds TSB Bank.We use our Farnham Royal conveyancing practitioner but Lloyds TSB Bank says he's not listed on their approved list of firms. It seems we have little choice but to instruct a Lloyds TSB Bank panel lawyer or keep our local solicitor and fork out for a Lloyds TSB Bank panel lawyer to act for them. This seems very unfair; is there anything we can do?
No, not really. The mortgage issued to you is subject to its terms and conditions, one of which will be that solicitors needs to be on the Lloyds TSB Bank approved list. 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. A further alternative is for your solicitors to apply to be on the conveyancing panel for Lloyds TSB Bank
I am purchasing my first flat in Farnham Royal benefiting from help to buy. The sellers refused to budge the amount so I negotiated 6k of extras instead. The sale representative advised me not inform my lawyer about this deal as it will jeopardize my loan with Leeds Building Society. 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.
I've recently found out that there is a flying freehold issue on a house I have offered on a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Farnham Royal is where the house is located. What do you suggest?
Flying freeholds in Farnham Royal are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Farnham Royal you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Farnham Royal may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Is planning consent required to change a house into two appartments in Farnham Royal? This has been done to a house next door to a friend in Farnham Royal and was unaware of it happening until it was complete.
Planning consent is necessary for converting a single dwelling in Farnham Royal into apartments but possibly not for converting back to single dwelling-house so, simply put, yes.