We are hoping to acquire a 3 bedroom apartment in Thatcham with a mortgage. We have a Thatcham conveyancer, but the lender advise he's not on their "panel". We have to appoint one of the lender panel conveyancing practices or continue with our Thatcham solicitor and pay for one of their panel ones to act for them. This seems very unfair; can we not require that the mortgage company use our Thatcham conveyancing practitioner ?
No, not really. The mortgage offered to you 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 Thatcham conveyancing solicitor to apply to be on the conveyancing panel.
If you had a top tip for selecting a conveyancing solicitor in Thatcham what would it be?
It would be unwise to be swayed by the lowest Thatcham conveyancing quote. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
Can I be sure that the Thatcham conveyancing solicitor on the Coventry BS panel is any good?
When it comes to conveyancing in Thatcham obtaining recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always suggest that you speak with the solicitor carrying out your conveyancing.
Last month we had a mortgage agreed in principle with Virgin Money. Thatcham conveyancing practitioners are selected. What is the average time that one could expect to receive a mortgage offer from Virgin Money?
There is no definitive answer here. Have Virgin Money conducted the survey? Have you informed Virgin Money as to your lawyers' details and checked that your lawyers are on the Virgin Money conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I am buying my first flat in Thatcham benefiting from help to buy. The sellers refused to move on the amount so I negotiated 6k of extras instead. The sale representative suggested that I not to tell my solicitor about the side-deal as it will adversely affect my mortgage with the lender. Should I keep quiet?.
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.
Am I right to be suspicious about brokers that I am dealing with are suggesting an online conveyancing firm rather than a High Street Thatcham conveyancing company?
As is the case with many professional services, often input from family and friends can be most helpful. Nevertheless there are numerous people with a vested interest in a conveyancing matter; estate agents, mortgage brokers and mortgage companies may put forward conveyancers to retain. On occasion the solicitors might be known to one of the organisations as experts in their field, but sometimes there behind the scenes commercial relationship behind the recommendation. You have the right to appoint your own conveyancer. However, bear in mind that many banks have an approved list of conveyancers you have to use for the mortgage aspect of your house move.
My father-in-law has suggested that I instruct his conveyancing solicitors in Thatcham. Should I choose my own property lawyer?
Much as we are happy to recommend a Thatcham conveyancing lawyer the best way to select a conveyancing solicitor is to seek feedback from friends or relatives who have experience in using the solicitor that you are contemplating using.