I am not in a position to travel far from Northumberland. Can you please spell out why all Northumberland lawyers are not on all lender panels?
Lenders point to the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud every year.The dismissal of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its conclusions included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. This resulted in mortgage companies pruning less reputable firms from their panel of approved lawyers .
Should conveyancers request money on account for conveyancing in Northumberland?
If you are buying a property in Northumberland your solicitor will ask you place them with funds to cover the search fees. Ordinarily this is requested to cover the fees of the conveyancing searches. If any down payment is payable against the sale price then this will be asked for shortly before exchange of contracts. Any further balance that is needed will be payable a couple of days ahead of the completion date.
is it true that all Northumberland solicitor firms on the Nationwide conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Nationwide approved list of solicitors they would need to be governed by the SRA. Many lenders do permit licenced conveyancers on their panel and in such a situation the organisation would be regulated by the Council of Licensed Conveyancers.
Intending to buy a flat in Northumberland. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Co-operative conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Northumberland solicitor is on the Co-operative conveyancing panel.
HSBC have agreed my mortgage in principle, my offer on a property in Northumberland has been accepted, now what?
Your property agent will need to know who your solicitors are (make sure the solicitors are on the lender’s panel). Call up HSBC or the financial adviser and finish off any appropriate documentation. HSBC will appoint a valuer who will get in contact with the estate agent or owners to schedule a time for the valuation to take place. Once carried out (assuming no problems) it takes on average ten days for the mortgage offer to be issued. HSBC will send the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Northumberland.
I am buying my first flat in Northumberland with a mortgage from Birmingham Midshires. The developers would not move on the amount so I negotiated £7000 of additionals instead. The property agent told me not disclose to my lawyer about the deal as it could impact my loan with the lender. 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.
Due to the encouragement of my in-laws I had a survey completed on a property in Northumberland before appointing solicitors. I have been told that there is a flying freehold aspect to the property. Our surveyor has said that some lenders tend not give a loan on this type of property.
It varies from the lender to lender. HSBC has different requirements for example to Birmingham Midshires. Should you wish to telephone us we can check via 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 Northumberland. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Northumberland to see if the conveyancing will be more expensive.