I am purchasing an apartment in Gamlingay. My Solicitor is not listed on the bank approved panel. Is it possible for me to use my Gamlingay conveyancing solicitor notwithstanding that they are not on the mortgage company panel?
Various options include
- Carry on with your existing Gamlingay property lawyer but your lender will need to use a lawyer from their approved list. The net result is additional cost and probable delay.
- Appoint a new conveyancer to act in the purchase, making sure they are on the lender conveyancing panel.
- Appeal to your lawyer to apply to join the lender panel
Our lawyer has identified a a problem with the lease for the flat we are purchasing in Gamlingay. The other side have put forward defective title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancer has advised that he must ensure that the bank is content with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancer will have no choice but to discontinue acting for you.
As I am unsure how the conveyancing bit works what is the most important piece of guidance you can impart regarding purchase conveyancing in Gamlingay?
Not many law firms or advisers will tell you this but conveyancing in Gamlingay and elsewhere in Cambridgeshire is often a confrontational process. Put another way, when it comes to conveyancing there exists an abundance of opportunity for conflict between you and others involved in the ownership transfer. For example, the vendor, selling agent and sometimes a lender. Choosing a solicitor for your conveyancing in Gamlingay an important selection as your conveyancer is your adviser, and is the ONE party in the process whose interest is to look after your legal interests and to protect you.
There is a definite creep in the "blame" culture- someone must be blamed for the process being so protracted. We recommend that you must always trust your solicitor ahead of all other parties when it comes to the legal assignment of property.
Do I need to visit the offices of the solicitor to sign the mortgage deed? If so, I will instruct a firm who offer conveyancing in Gamlingay so that I can attend their offices when needed.
As opposed to 12 years ago, almost all banks no longer oblige their conveyancing panel solicitor to witness the mortgagors signature. It will still be necessary for you to hand over ID documents and there are still manifest benefits to instructing a locally based solicitor, in your situation a conveyancing solicitor in Gamlingay.
I am purchasing a new build house in Gamlingay with a mortgage from Clydesdale. The sellers refused to reduce the price so I negotiated 6k of additionals instead. The property agent suggested that I not to tell my solicitor about the side-deal as it could affect my loan with Clydesdale. 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.