Do lenders provide you with an approved list of Vale Of Glamorgan conveyancing solicitors? How do you know who is on the Coventry BS conveyancing panel?
Vale Of Glamorgan conveyancing firms themselves provide us confirmation that they are on the Coventry BS conveyancing panel as opposed to being supplied with a list from Coventry BS directly.
We are hoping to buy a newly converted flat in Vale Of Glamorgan with a homeloan from Nationwide Building Society.We use our Vale Of Glamorgan conveyancing practitioner but Nationwide Building Society advised that she’s not listed on their approved list of firms. We have to appoint a Nationwide Building Society panel solicitor or keep our high street solicitor and pay for a Nationwide Building Society panel lawyer to represent them. We feel as though this is unjust; Can we not simply insist that Nationwide Building Society use our lawyer?
No, not really. The loan issued to you contains terms and conditions, one of which will be that lawyers needs to be on the Nationwide Building Society conveyancing panel. in the past, most banks had large numbers of solicitors 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. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Nationwide Building Society
Are all Vale Of Glamorgan Conveyancing Quality Solicitors on the Nationwide conveyancing list of approved solicitors?
It is true that some lenders now make use of the accreditation scheme as the kick off point for Panel membership such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their panels.
My offer was accepted on a house in Vale Of Glamorgan on 21/12/2022, valuation was booked 3 days later, all came back fine. Property lawyer retained, so the only thing outstanding was my mortgage offer. Having made daily calls to Lloyds and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Lloyds conveyancing panel. Are Lloyds entitled to hold back the Mortgage pending the lawyer being on the approved list?
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Lloyds to deal with your lawyer's application to be on the Lloyds conveyancing panel. There's no guarantee that your solicitor will be accepted.
Having digested plenty of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Vale Of Glamorgan solicitor - who is on the Skipton conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Skipton will need an independent valuation of the property. Your lawyer will not arrange this. Usually Skipton will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Vale Of Glamorgan surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I'm purchasing a new build house in Vale Of Glamorgan with the aid of help to buy. The developers refused to move on the amount so I negotiated 6k of extras instead. The sale representative suggested that I not disclose to my lawyer about the side-deal as it may put at risk my mortgage with the lender. Should I keep quiet?.
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.
Due to the encouragement of my in-laws I had a survey completed on a house in Vale Of Glamorgan ahead of instructing solicitors. I have been informed that there is a flying freehold aspect to the house. My surveyor advised that some lenders will refuse to issue a mortgage on a flying freehold premises.
It depends who your proposed lender is. Bank of Scotland has different requirements from Halifax. If you e-mail us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Vale Of Glamorgan. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Vale Of Glamorgan to see if the conveyancing will be more expensive.