My wife and I are buying a 2 bedroom flat in Harborne with a mortgage. We like our Harborne lawyer, but the mortgage company advise she’s not on their "panel". It seems we have little choice but to appoint one of the mortgage company panel conveyancing practices or continue with our Harborne solicitor and pay for one of their panel firms to represent them. We feel that this is unjust; are we not able to insist that the mortgage company use our Harborne conveyancing practitioner ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms 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 Harborne conveyancing lawyer to apply to be on the conveyancing panel.
My conveyancer has discovered a defect with the lease for the property we are purchasing in Harborne. The other side have put forward defective title insurance as a workaround. We are content with insurance and will cover the costs. Our property lawyer says that he must be satisfied that the mortgage company is happy 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 bank are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender 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.
My wife and I are intent on selling our home in Harborne and the buyers lawyers are claiming that there is a possibility that the property was constructed land that was not decontaminated. Any high street Harborne lawyer would know that there is no such problem. For the life of me I don't know why the buyers instructed an internet conveyancing outfit as opposed to a conveyancing solicitor in Harborne. We have lived in Harborne for many years we know that this is a non issue. Is it a good idea to get in touch with our local Authority to obtain confirmation need.
It would appear that you have a conveyancing lawyer already. Are they able to advise? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
I am purchasing a new build house in Harborne with a mortgage from Coventry Building Society. The sellers would not budge the price so I negotiated 6k of additionals instead. The estate agent advised me not reveal to my conveyancer about the extras as it could impact my loan with Coventry Building Society. 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.
Due to the guidance of my in-laws I had a survey completed on a property in Harborne ahead of instructing lawyers. I have been advised that there is a flying freehold aspect to the property. My surveyor advised that some lenders may not give a mortgage on a flying freehold property.
It depends who your proposed lender is. Bank of Scotland has different requirements from Halifax. Should you wish to telephone us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Harborne. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Harborne to see if the conveyancing costs will increase in light of this.