My partner and I are looking to buy a property in Runcorn and have instructed a Runcorn conveyancing practice. Within the last couple of days our solicitor has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. The Mortgage Works have this morning contacted us to inform me that there is now an issue as our Runcorn conveyancer is not on their approved list of lawyers. Is this a problem?
Where you are buying a property with the assistance of a mortgage it is normal for the purchasers' solicitors to also act for 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 lender 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 Runcorn lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
Why do I have to pay up front for conveyancing in Runcorn?
Where you are retaining lawyers for conveyancing in Runcorn your solicitor will ask you put them with monies to cover the the cost of the conveyancing searches. Normally this is needed to cover the fees of the conveyancing searches. If any deposit is as part of the total price then this will be required immediately prior to exchange of contracts. The final balance that is due should be sent to your lawyer shortly before completion.
I'm purchasing my first flat in Runcorn with a mortgage from Barclays Direct. The developers refused to reduce the price so I negotiated £7000 of extras instead. The estate agent suggested that I not disclose to my lawyer about this side-deal as it would affect my loan with the bank. 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 am looking for a flat up to £195,000 and identified one round the corner in Runcorn I like with a park and station nearby, however it only has 61 years unexpired on the lease. I can't really find anything else in Runcorn for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a mortgage that many years will be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least 2 years you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
We are looking to buy a repossessed property in Runcorn and the bank selling demand completion inside a month. Can a solicitor complete in this timeframe? Would it be better to instruct a local Runcorn firm or an online organisation that advertises to complete quickly?
Attend your Runcorn shopping parade. Pop in to a couple of solicitor’s offices and request to talk to a conveyancing solicitor for a quote. Explain your requirements and get a commitment on deadlines. Appoint the firm that appears most genuine. Make sure to use a solicitor on the panel of lawyers who can act for your bank.