Please help. My Ferryhill lawyer is advising me that she is duty bound toapply for Ferryhill conveyancing searches asthe firm are on the HSBCconveyancing panel. Is this really necessary?
You have limited options available to you. As you are obtaining a home loan with a lender your conveyancing practitioner has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your solicitor would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to follow the Council of Mortgage Lenders’ Handbook requirements . Even if you were a cash buyer you would be ill advised not to carry out Ferryhill conveyancing searches.
We're in Ferryhill, First timers buying with a mortgage (lender is Bank of Ireland , and our lawyer is on the Bank of Ireland conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Bank of Ireland conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I am buying my first flat in Ferryhill with a mortgage from Britannia. The builders refused to reduce the price so I negotiated £7000 of extras instead. The estate agent suggested that I not inform my lawyer about this extras as it will impact my loan with Britannia. Do I keep my lawyer in the dark?.
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 have been on the look out for a leasehold apartment up to £245,000 and identified one close by in Ferryhill I like with amenity areas and transport links in the vicinity, the downside is that it's only got 49 years unexpired on the lease. I can't really find anything else in Ferryhill for this price, so just wondered if I would be making a mistake acquiring a short lease?
If you need a mortgage that many years may be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of twenty four months you can request that they start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
Should I be concerned by third parties that I am dealing with are recommending an internet conveyancing firm as opposed to a High Street Ferryhill conveyancing company?
As with lots of professional services, often suggestions from family and friends can be extremely useful or valuable. Yet there are numerous players in a conveyancing matter; estate agents, mortgage brokers and lenders might all suggest conveyancers to instruct. On occasion the lawyers might be known to one of the organisations as being good in their field, but occasionally there might be a financial incentive behind the endorsement. You are free to appoint your own conveyancer. Don't forget that the majority of lenders specify a panel list of solicitors you must use for the lender aspect of your house move.