My wife and I are hoping to purchase a flat in New Cross and have appointed a New Cross conveyancing practice. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Godiva Mortgages Ltd have this morning contacted us to advise us that there is now an issue as our New Cross conveyancer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is usual for the purchasers' lawyers to also represent the mortgage company. 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 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 lender’s conveyancing panel as you are at liberty to use your preferred New Cross lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
We are expecting a mortgage offer soon. The bank mentioned the mortgage came with free conveyancing. Does this mean I have to appoint their panel solicitor as I would prefer to instruct a New Cross based conveyancing firm?
You should check but the the probability is that appoint one of their panel lawyers if you accept the "fee-free" deal. Speak to the bank to determine if they offer you a cash alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor near New Cross.
If you had a top tip for choosing a conveyancing solicitor in New Cross what would it be?
It would be unwise to be tempted by the lowest New Cross conveyancing fees. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in advance.
Does a directory service exist listing Santander panel conveyancers in New Cross on the UK Finance Lenders’ Handbook Website?
No. There is no such directory service on the Council of Mortgage Lenders or Building Society Association websites. A small selection of lending institutions make their panel listings available on the web. If you are looking for a New Cross conveyancing practitioner on the Santander please make the most of our tool.
It is not clear whether my lender requires a lease extension. I have called my New Cross bank branch on numerous occasions and was advised it wasn't an issue and they would lend. My New Cross conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they will not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Provided that the lawyer is on the bank approved list, she or he must comply with the CML Handbook provisions for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I'm buying a new build house in New Cross with a loan from Yorkshire Building Society. The developers would not budge the amount so I negotiated five thousand pounds worth of additionals instead. The property agent advised me not inform my solicitor about the deal as it would jeopardize my mortgage with the bank. Do I keep my lawyer in the dark?.
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.
Our lenders have just issued us with a mortgage offer. We appointed a long established conveyancer in New Cross last week. Today, our broker phoned to advise us that the mortgage company said that we cannot use our solicitor as they aren't on their 'approved list'. As FTB's, we had no idea that the bank had some control over our choice Is this allowed?
You can actually appoint any conveyencer you wish to instruct including the said conveyancer in New Cross but if they are not on the your bank's approved list you would have to fork out an extra fee so your lender can instruct their own conveyancer too. On occasion it is possible your preferred conveyancing firm to get added to the mortgage company list of approved firms. Do make the most of internet tools such as lenderpanel.com to find a conveyancing solcitor in New Cross on the lender panel. You can go into your local bank branch in New Cross. They can recommend conveyancing solicitors in New Cross on the mortgage company panel.