I'm purchasing my first flat in Wareham with a mortgage from Accord Mortgages Ltd. The builders would not budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent told me not reveal to my conveyancer about this side-deal as it could jeopardize my mortgage with the bank. 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 Wareham before appointing conveyancers. I have been told that there is a flying freehold aspect to the property. Our surveyor advised that some mortgage companies may refuse to issue a loan on such a premises.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Halifax. Should you wish to call us we can look into this further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Wareham. Conveyancing may be slightly more expensive based on your lender's requirements.
I'm remortgaging my current home to a BTL loan with Santander and intend to use the remaining equity as a down payment on another house. The area we are interested in is Wareham. Will your solicitors be able to act for both sets of lenders and tie in the two deals?
Make use of our comparison tool on this site to ensure that the lawyers are approved by both banks. Assuming that they are the solicitor will be able to tie up the two conveyancing matters but you should talk with you conveyancer and make apparent your desired outcome and requirements.
Is it best to instruct a Wareham conveyancing solicitor based in the area that I am purchasing? We have a good friend who can conduct the conveyancing however they are based 400miles away.
The benefit of a high street Wareham conveyancing practice is that you can drop in to execute paperwork, deliver your ID and pester them if necessary. They will also have local insight which is a benefit. That being said nothing is more important than finding someone that will pull out all the stops for you. If if people you trust used your friend and in the main were content that should outweigh using an unknown Wareham conveyancing solicitor just because they are round the corner.
My nephew is just in the process of moving house, he had his mortgage in principle. After the seller agreed the offer on the house we called the bank to progress the mortgage application. We were disappointed to learn that mortgage companies do not accept all property lawyer, they must be on their panel, is this legal?
Banks ordinarily restrict either the type or the number of conveyancing firms on their approved list of lawyers. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Wareham conveyancer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.