I plan on acquiring property in Stansted. My lawyer has never been on on the lender approved list. Is it possible for me to use my Stansted conveyancing solicitor even though they are excluded from the mortgage company panel of approved conveyancing solicitors?
Various options include
- Complete the deal with your preferred Stansted lawyer but your bank will need to appoint a lawyer on their conveyancing panel. This will result in additional charges and potential delay.
- Appoint a fresh conveyancing practitioner to act in the purchase, ensuring that they are on the lender conveyancing panel.
- Convince your property lawyer to pull out all the stops to join the mortgage company panel of solicitors
My property lawyer in Stansted is not on the Bank of Ireland Approved Panel. Is it possible for me to use my family solicitor even though they are excluded from the Bank of Ireland panel of approved conveyancing solicitors?
Your options are as follows:
- Complete the purchase with your existing Stansted lawyers but Bank of Ireland will need to retain a solicitor on their panel. This will inevitably rack up the total legal charges and cause frustration.
- Find a new solicitor to act in the purchase, not forgetting to check they are Bank of Ireland approved.
- Try to convince your Bank of Ireland based solicitor to try to join the Bank of Ireland panel
Are there restrictive covenants that are commonly picked up during conveyancing in Stansted?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Stansted. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm purchasing my first flat in Stansted with a loan from Accord Mortgages Ltd. The sellers would not move on the amount so I negotiated five thousand pounds worth of additionals instead. The property agent advised me not disclose to my solicitor about the side-deal as it may affect my mortgage with the bank. Is this normal?.
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.
Over the last few months I have been searching for a ground for flat up to £305k and found one near me in Stansted I like with amenity areas and station in the vicinity, however it only has 49 remaining years left on the lease. I can't really find anything else in Stansted for this price, so just wondered if I would be making a mistake buying a short lease?
Should you require a home loan the shortness of the lease will be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of twenty four months you could 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 current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.