My partner and I are hoping to buy a flat in Histon and have instructed a Histon conveyancing practice. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Bank of Ireland have this morning contacted us to advise us that they have now hit a problem as our Histon lawyer is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' solicitors to also represent 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 Quality Scheme. Your solicitor should contact your lender 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Histon solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Is there a reason why leasehold purchase conveyancing in Histon costs more?
Histon 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 purchasing my first flat in Histon with the aid of help to buy. The sellers would not move on the amount so I negotiated 6k of additionals instead. The property agent suggested that I not inform my conveyancer about the extras as it could jeopardize my loan with the bank. 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 have been pointed in your direction by numerous selling agents in Histon to find a property lawyer on your site. What’s the financial advantage for Estate Agents to promote your site over and above a competitor’s?
We don’t give any commission for sending work to this site. We found it would be just too difficult a fee because home movers will think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.
It may have been a long time coming a mortgage offer from a lender for the refinancing of my 4 bedroom maisonette is due imminently. Are you able to suggest an efficient remortgage conveyancing law firm in Histon ?
You have come to the wrong place to search for the cheapest conveyancing solicitors in Histon. Our aim is to provide value for money conveyancing but we do not aim to work with the cheapest lawyers. Avoid the trap of appointing brokers offering £99 conveyancing in Histon.At best, in opting for cheap conveyancing, you will end up with what you pay for and at worst you will end up paying a lot in additional fee and still not receive the service expected.