Me and my partner are purchasing a 1 bedroom apartment in Trimdon with a mortgage. We like our Trimdon solicitor, but the mortgage company advise she’s not on their "panel". It appears that we have no option but to appoint one of the bank panel conveyancing practices or keep our Trimdon solicitor as well as pay for one of their panel firms to act for them. We regard this is unjust; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’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 Trimdon conveyancing lawyer to apply to be on the conveyancing panel.
Various online forums that I have visited warn that are the primary reason for hinderance in Trimdon conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not figure amongst the common causes of hindrances during the legal transfer of property. Searches are unlikely to feature in any slowing down conveyancing in Trimdon.
I'm purchasing my first flat in Trimdon with a mortgage from Nationwide Building Society. The builders would not move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent suggested that I not inform my solicitor about the deal as it would jeopardize my mortgage with Nationwide Building Society. 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.
Due to the advice of my in-laws I had a survey completed on a property in Trimdon in advance of instructing lawyers. I have been informed that there is a flying freehold overhang to the property. The surveyor advised that some mortgage companies tend refuse to issue a loan on this type of property.
It depends who your proposed lender is. HSBC has different instructions from Nationwide. If you contact us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Trimdon. Conveyancing may be slightly more expensive based on your lender's requirements.
I have been pointed in your direction by a number of estate agents in Trimdon to select a conveyancer using your seach tool. What’s the financial incentive for Estate Agents to offer your site rather than another?
We refuse to make any referral fee for pointing buyers and sellers in our direction. We thought it would be too underhand a fee because a client could think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.