I'm purchasing a new build house in Harlow with a loan from Birmingham Midshires. The developers refused to budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep advised me not reveal to my conveyancer about this side-deal as it would impact my loan with Birmingham Midshires. 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 decided to have a survey done on a house in Harlow in advance of retaining conveyancers. I have been informed that there is a flying freehold element to the house. My surveyor has said that some banks will not grant a mortgage on a flying freehold property.
It varies from the lender to lender. Santander has different instructions from Birmingham Midshires. If you contact us we can look into this further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Harlow. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Harlow to see if the conveyancing costs will increase in light of this.
What does commercial conveyancing in Harlow cover?
Commercial conveyancing in Harlow covers a wide array of guidance, offered by regulated solicitors, relating to business premises. For example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.
My husband and I are four weeks into a leasehold purchase having been directed to a firm by the selling agent to execute conveyancing in Harlow. I am not happy. Could you help me find new lawyers?
They would have to be very poor in order to consider diss instructing them. Has the mortgage offer been sent? In the event that it has you need to make them aware of the new contact details and get the loan are issued to the new lawyers. Your new conveyancer needs to be on the mortgage company approved list to avoid added expenses and delays. So that should be your starting point. The search tool should help you find a bank approved lawyer for your home move in Harlow
My son is about to join the property ladder, he had his mortgage in principle. When the offer was accepted on flat we contacted the lender to move forward with his. We were disappointed to discover that mortgage companies do not accept all solicitor, they must be on their panel, is this right?
Banks tend to imposes restrictions either the type or the number of conveyancing firms on their approved list of lawyers. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Harlow lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.