We intend to purchase a newbuild apartment in Retford with a homeloan from Bank of Scotland.We would like to retain our Retford conveyancing solicitor but Bank of Scotland advised that her practice is not on their "panel". It seems we have little choice but to instruct a Bank of Scotland panel solicitor or retain our preferred solicitor and fork out for a Bank of Scotland panel lawyer to act for them. This seems very unfair; is there anything we can do?
No, not really. The mortgage issued to you is subject to its various provisions, one of which will be that lawyers will be on the Bank of Scotland approved list. in the past, most lenders had large numbers of solicitors on their panels: a borrower could find 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 lawyer to apply to be on the conveyancing panel for Bank of Scotland
I have justfound out that Stirling Law have closed. They conducted my conveyancing in Retford for a purchase of a leasehold apartment 9 months ago. How can I check that the property is in my name in the name of the former proprietor?
The quickest way to check if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Retford conveyancing specialists.
I am purchasing a new build house in Retford with the aid of help to buy. The builders refused to move on the price so I negotiated £7000 of fixtures and fittings instead. The house builders rep suggested that I not disclose to my lawyer about this deal as it would jeopardize my loan with the lender. Do I keep my lawyer in the dark?.
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.
I decided to have a survey carried out on a house in Retford in advance of retaining conveyancers. I have been advised that there is a flying freehold aspect to the property. Our surveyor has said that some mortgage companies may refuse to issue a loan on this type of premises.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Halifax. Should you wish to call us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Retford. Conveyancing may be slightly more expensive based on your lender's requirements.
My brother-in-law has suggested I instruct a conveyancing solicitor in Retford. I I would like to check if they are on the lender's approved list of lawyers. Could you advise?
It’s a good idea call your conveyancer to check if they are on the bank's approved list. Alternatively please call us and we can make some checks for you. Should the firm not be on the conveyancing panel we we can help find a quality conveyancing solicitor in Retford on the panel for your mortgage company.