I had intended to instruct a conveyancing solicitor in St Brides Major for our home move. Our financial adviser informed us that our mortgage lenders Halifax won't deal with them. Why is this not regarded as unduly restrictive?
Before the recession most banks had a different appetite for risk. Almost all St Brides Major conveyancing firms would have been on many lender panels. The Financial Services Authority in 2010 carried out a thematic review into mortgage fraud which concluded: know the conveyancing solicitors dealt with. Consequently, mortgage companies are increasingly seeing more information from law firms regarding their operations and the individuals who work for them and establishing certain criteria such a completing on a minimum volume of transactions. Many St Brides Major conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. St Brides Major is amongst the numerous areas where the conveyancers we list are on the panel for Halifax.
Can you point me to a directory of Leeds Building Society panel conveyancers in St Brides Major on the Building Society Association’s Website?
No. There is no such facility on the Council of Mortgage Lenders or Building Society Association sites. Very few lenders make their panel listings open the public on the web. Where you are in need of a St Brides Major conveyancing practitioner on the Leeds Building Society please make the most of our facility.
We were going to get a DIP from Virgin Money this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Virgin Money recommend any St Brides Major solicitors on the Virgin Money conveyancing panel, or is it better to go independently?
You will need to appoint St Brides Major solicitors independently although you'll need to choose one on the Virgin Money conveyancing panel. The solicitor represents both you and Virgin Money through the process.
Kent Reliance have agreed my mortgage in principle, my bid on a house in St Brides Major has been accepted, what happens next?
The estate agent will wish to be advised as to your conveyancer's details (be sure the solicitors are on the lender’s panel). Telephone Kent Reliance or the financial adviser and complete any relevant documentation. Kent Reliance will instruct a valuer who will get in touch with the estate agent or owners to arrange a slot for the valuation to occur. Once carried out (assuming no problems) it takes about ten days for the mortgage offer to be issued. Kent Reliance will issue the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in St Brides Major.
I am buying my first flat in St Brides Major with a mortgage from Nationwide Building Society. The builders would not reduce the price so I negotiated five thousand pounds worth of additionals instead. The sale representative told me not disclose to my lawyer about this deal as it would put at risk my loan with the bank. 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.
I have been on the look out for a leasehold apartment up to £235,500 and found one round the corner in St Brides Major I like with amenity areas and station nearby, the downside is that it only has 52 years unexpired on the lease. There is not much else in St Brides Major for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a home loan that many years will be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
We are contemplating instructing an online lawyer rather than a St Brides Major conveyancing practice. Should I ‘stay local’?
There are advantages of having the opportunity to visit a local St Brides Major conveyancing solicitor for instance
- signing documents on short notice
- having face-to-face explanations of matters you don't understand
- the ability to complain if matters go pear-shaped
When comparing fees, look out for hidden extras. The majority decent St Brides Major high street solicitors give an all-inclusive price. Many online companies seem to offer low cost prices, yet have burried 'extras' in the small print.