My fiance and I are purchasing a purpose built apartment in Frinton and Walton with a mortgage from Yorkshire Building Society.We have a Frinton and Walton conveyancing solicitor but Yorkshire Building Society says she’s not listed on their approved list of firms. It seems we have little choice but to instruct a Yorkshire Building Society panel lawyer or retain our preferred solicitor and pay for a Yorkshire Building Society panel lawyer to act for them. This seems very unfair; is there anything we can do?
Unfortunately,no. The mortgage issued to you is subject to its terms and conditions, one of which will be that solicitors will be on the Yorkshire Building Society solicitor panel. in the past, most mortgage companies had large numbers of solicitors 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 Yorkshire Building Society
Are there restrictive covenants that are commonly identified during conveyancing in Frinton and Walton?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Frinton and Walton. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am buying a new build house in Frinton and Walton benefiting from help to buy. The builders refused to move on the price so I negotiated £7000 of extras instead. The house builders rep suggested that I not disclose to my conveyancer about the deal as it may impact my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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 opted to have a survey carried out on a property in Frinton and Walton prior to retaining conveyancers. I have been informed that there is a flying freehold aspect to the property. Our surveyor advised that some lenders tend not grant a mortgage on this type of premises.
It varies from the lender to lender. Lloyds has different requirements for example to Halifax. Should you wish to call us we can investigate further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Frinton and Walton. Conveyancing may be slightly more expensive based on your lender's requirements.
My partner has urged me to use his conveyancers in Frinton and Walton. Should I find my own property lawyer?
Much as we are happy to recommend a Frinton and Walton conveyancing lawyer it’s preferable to select a conveyancing practitioner is to seek referrals from friends or relatives who have used the solicitor that you are considering.