We decided to purchase a 3 bedroom flat in Godmanchester with a loan from Britannia.We like our Godmanchester conveyancing solicitor but Britannia advised that his firm is not on their "panel". We have to appoint a Britannia panel solicitor or retain our preferred solicitor and fork out for a Britannia panel lawyer to act for them. We feel as though this is unjust; Can we not simply insist that Britannia use our lawyer?
No, not really. The loan issued to you contains various provisions, a common one being that solicitors will be on the Britannia solicitor panel. Until recently, 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 Britannia
Will our conveyancer be raising enquiries regarding flooding as part of the conveyancing in Godmanchester.
Flooding is a growing risk for lawyers specialising in conveyancing in Godmanchester. Some people will acquire a property in Godmanchester, fully expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or sell the property. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Lawyers are not best placed to impart advice on flood risk, however there are a number of checks that may be carried out by the purchaser or by their lawyers which can give them a better appreciation of the risks in Godmanchester. The standard information given to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the vendor to determine whether the property has suffered from flooding. If the residence has been flooded in past which is not disclosed by the seller, then a buyer may issue a legal claim for losses as a result of such an misleading reply. A buyer’s lawyers should also conduct an enviro report. This will disclose if there is a recorded flood risk. If so, more detailed investigations will need to be made.
I am buying a new build house in Godmanchester with a loan from Britannia. The builders refused to move on the price so I negotiated five thousand pounds worth of additionals instead. The estate agent told me not reveal to my conveyancer about this side-deal as it may affect my mortgage with Britannia. 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.
Is it best to instruct a Godmanchester conveyancing practitioner based in the location that I am hoping to buy? I have an old university friend who can execute the legal work however her office is 400kilometers drive away.
The primary upside of using a local Godmanchester conveyancing firm is that you can attend the office to execute paperwork, present your ID and pester them where appropriate. They will also have local intelligence which is a plus. However nothing is more important than finding someone that will do a good and efficient job. If you know people who used your friend and in the main were content that should trump using an unfamiliar Godmanchester conveyancing lawyer just because they are round the corner.
We are about to exchange buying a house in Godmanchester but as a result of damage from the recent storms I have agreed compensation from the seller of £3k taking the form of a reduction in the price. This was going to be addressed as part of the conveyancing process however my bank will not agree to this. Should they have been informed?
The lawyer being on the lender conveyancing panel is required to advise the bank of any changes to the purchase figure. In the event that you prohibit your conveyancer to report the price change to your bank then they would have to discontinue representing you and the lender.