My fiance and I are purchasing a 3 bedroom apartment in Newquay with a residential mortgage from HSBC Bank.We use our Newquay conveyancing solicitor but HSBC Bank informed us his firm is not listed on their "panel". It seems we have little choice but to instruct a HSBC Bank panel lawyer or retain our preferred solicitor and fork out for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The home loan offered to you is subject to its various provisions, a common one being that conveyancers needs to be on the HSBC Bank conveyancing panel. in the past, most mortgage companies 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 solicitors to apply to be on the conveyancing panel for HSBC Bank
We previously appointed conveyancers locally in Newquay on the Leeds Building Society solicitor approved list. They are now charging me a further charge for handling the Leeds Building Society mortgage. Is this a supplemental conveyancing fee specified by Leeds Building Society?
Unfortunately, so long as it is in their Terms of Engagement or estimate then yes your conveyancing practitioner may levy a fee for this. The charge is not dictated by Leeds Building Society but by your Newquay conveyancing practitioner. Some firms on the Leeds Building Society panel will levy ’dealing with mortgage’ fee but many practices incorporate it on their overall fee.
I have today made my last payment due on my mortgage with Co-operative. I assume I don't need a Newquay conveyancer on the Co-operative panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Co-operative mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Co-operative mortgage from the register. Co-operative, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Co-operative has sent the Land Registry the discharge electronically, and
- Co-operative has instructed the Land Registry to do so
I have instructed a Newquay solicitor having made sure that they are on the Nationwide conveyancing panel. Does my lawyer arrange the survey of the property?
Nationwide will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nationwide will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your property lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Newquay postcode. As you are getting a mortgage with Nationwide, you could contact them to see if they have a list of approved surveyors in Newquay.
I'm buying a new build house in Newquay benefiting from help to buy. The sellers refused to move on the amount so I negotiated 6k of extras instead. The estate agent advised me not to tell my solicitor about the extras as it could impact my loan with The Mortgage Works. Should I keep quiet?.
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 opted to have a survey done on a house in Newquay ahead of appointing conveyancers. I have been informed that there is a flying freehold element to the house. My surveyor has said that some banks may refuse to grant a mortgage on a flying freehold house.
It varies from the lender to lender. Lloyds has different requirements from Birmingham Midshires. Should you wish to telephone us we can look into this further via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Newquay. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Newquay to see if the conveyancing costs will increase in light of this.
My fiance is buying a studio flat in Newquay. He was given a quote by the property lawyer connected to the selling agents totaling £1275 . It was seven years ago I sold and bought a home and it cost was £450. Have charges really gone up that much?
We would recommend that you visit 3 or 4 local Newquay conveyancing solicitors requesting prices. You should base your selection not just on cost, but on promptness and on how comprehensive the reply was.