My fiance and I are looking to acquire a flat in Harborne and are in fact using a Harborne conveyancing practice. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Godiva Mortgages Ltd have this evening contacted us to advise us that there is now an issue as our Harborne lawyer is not on their approved list of lawyers. Please explain?
If you are buying a property requiring a mortgage it is normal for the purchasers' solicitors to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Harborne solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
My Solicitor in Harborne is not listed on the HSBC Bank Conveyancing Panel. Can I still retain my prefered solicitor notwithstanding that they are excluded from the HSBC Bank approved list?
Your options are as follows:
- Complete the purchase with your preferred Harborne lawyers but HSBC Bank will need to instruct a solicitor on their list of acceptable firms. This will inevitably rack up the overall conveyancing fees as well as cause delays.
- Choose a new lawyer to to deal with the purchase, not forgetting to check they are HSBC Bank approved.
- Persuade your HSBC Bank solicitor to seek to join the HSBC Bank panel
I require fast conveyancing in Harborne as I have a deadline to exchange contracts in less than one month. Thankfully I do not require a mortgage. Is it possible to avoid the conveyancing searches to save money and time?
As you are are a cash buyer you are at free not to have searches carried out although no conveyancer would suggest that you don't. Drawing on our experience of conveyancing in Harborne the following are instances of issues that can show up and therefore affect future saleability: Enforcement Notices, Outstanding Fees, Outstanding Grants, Road Schemes,...
I am buying a new build house in Harborne with a loan from Godiva Mortgages Ltd. The builders would not reduce the price so I negotiated £7000 of fixtures and fittings instead. The sale representative told me not inform my solicitor about this deal as it would jeopardize my loan with Godiva Mortgages Ltd. Should I keep quiet?.
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.
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