My wife and I are purchasing a 3 bedroom apartment in Penn and Ettingshall with a mortgage. We wish to retain our Penn and Ettingshall conveyancer, but the lender says he's not on their "panel". We have to appoint one of the bank panel solicitors or retain our Penn and Ettingshall conveyancer and pay for one of their panel firms to act for them. We consider that this is inequitable; is there anything we can do?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’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. A further alternative is for your Penn and Ettingshall conveyancing solicitor to apply to be on the conveyancing panel.
We're in Penn and Ettingshall, First time buyers purchasing with a mortgage (lender is Principality , and our solicitor is on the Principality conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Principality conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I'm in the throws of looking at houses in Penn and Ettingshall and I am now considering a potential offer. Is it wise to have a conveyancer on ‘stand by’? I will be getting a mortgage with Skipton.
It would be advisable to commence your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the estate agent. As you are obtaining a mortgage with Skipton, ask your prospective lawyers if they are on the Skipton conveyancing panel otherwise they can't do the mortgage legal work.
I was told four weeks ago that my mortgage has been agreed to by Skipton. Is it usual for Skipton to only issue the offer once my solicitor in Penn and Ettingshall is approved on their conveyancing panel? Skipton have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Skipton to deal with your lawyer's application to be on the Skipton conveyancing panel. There's no guarantee that your solicitor will be accepted.
Our offer on a semi in Penn and Ettingshall has been accepted, the sellers do however have a connected purchase. The vendors have put an offer on on an apartment, however it’s not yet tied up, and are looking at other properties in the pipeline. I have instructed a local conveyancing solicitor in Penn and Ettingshall. What should be my next step? At what point should I apply for the mortgage with Virgin Money?
It is understandable to have anxieties where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is in the region of one thousand pounds, then valuation, Penn and Ettingshall conveyancing search costs, etc). First, you should ensure that your solicitor is on the Virgin Money approved list. As to the next steps this very much dictated by the uniqueness of your transaction, attraction to this property and on the state of the market. In a buoyant market some home buyers will apply for the mortgage with Virgin Money and pay for the valuation and only if it was satisfactory would they request their property lawyer to proceed with searches.
I am buying a new build house in Penn and Ettingshall with a mortgage from Britannia. The developers would not reduce the amount so I negotiated £7000 of additionals instead. The property agent told me not disclose to my solicitor about the side-deal as it will put at risk my loan with the lender. Should I keep quiet?.
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.
My husband and I are 14 days into a freehold purchase having been referred to conveyancers by the selling agent to handle our conveyancing in Penn and Ettingshall. I am not happy. Could you help me find new conveyancers?
They would need to be very bad in order to consider diss instructing them. Has your loan offer been generated? If so you will need to advise them of the new contact details and get the mortgage documents are re-issued. Your conveyancer should be on the lenders panel to avoid added costs and frustration. That should be your first question of the new lawyers. Our search tool should assist you in finding a bank approved conveyancer for your conveyancing in Penn and Ettingshall