My wife and I are buying a 1 bedroom apartment in Harold Park with a mortgage. We wish to retain our Harold Park conveyancer, but the bank says he's not on their "panel". It seems we have no choice but to use one of the lender panel firms or continue with our Harold Park conveyancing practitioner as well as pay for one of their panel lawyers to represent them. This feels very unfair; can we not insist that the lender use our Harold Park conveyancer ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’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. Another option that might be available is for your Harold Park conveyancing solicitor to apply to be on the conveyancing panel.
I am getting closer to an exchange on a flat in Harold Park and my mum and dad have transferred the ten percent deposit to my lawyer. I am now informed that as the deposit has not come from me my conveyancing practitioner needs to make a notification to my mortgage company. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I advised the lender concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The conveyancer is duty bound to check with mortgage company to ensure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only notify this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
Why is leasehold purchase conveyancing in Harold Park costs more?
Harold Park leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
I'm buying a new build house in Harold Park with a loan from Chelsea Building Society. The sellers would not budge the amount so I negotiated £7000 of additionals instead. The house builders rep suggested that I not inform my solicitor about the extras as it would adversely affect my mortgage with the bank. 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.
We are hoping to acquire a repossessed flat in Harold Park and the mortgagee in possession require completion within a month. Do property lawyers meet that timeframe? Am I best advised to use a local Harold Park firm or an online organisation that professes to complete quickly?
Attend your Harold Park high street. Go in to 3 companies and ask to see a conveyancing solicitor for a quote. Explain your requirements and try and obtain assurances on deadlines. Choose the one that comes across as most efficient. Make sure to use a property lawyer on the list of solicitors acceptable to your lender.