Me and my fiance are buying a 1 bedroom apartment in Flitwick with a mortgage. We like our Flitwick solicitor, but the lender says she’s not on their "panel". We have to appoint one of the mortgage company panel conveyancing practices or retain our Flitwick solicitor as well as pay for one of their panel firms to represent them. This feels very unfair; are we not able to insist that the mortgage company use our Flitwick solicitor ?
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 Flitwick conveyancing solicitor to apply to be on the conveyancing panel.
Do I find a Licenced Conveyancer or Solicitor for conveyancing in Flitwick?
There are two types of lawyers who can execute conveyancing in Flitwick namely licenced conveyancers or solicitors. The two can provide conveyancing services that you need to complete the sale or purchase of property. Both are duty bound to carry out Flitwick conveyancing to the same standards and guidelines so you can be sure that your conveyancing will be professionally conducted and that the requisite procedures will be accurately attended to.
Is it correct that all Flitwick CQS (Conveyancing Quality Scheme) solicitors are on the Nottingham conveyancing panel?
It is true that some lenders now utilise CQS as the starting point for Panel approval such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of conveyancing solicitors.
It is not clear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Flitwick building society branch on numerous occasions and was told they are content with the situation and they will lend. My Flitwick conveyancing solicitor - who is on the lender conveyancing panel- called to say that they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
As long as the conveyancer is on the bank approved list, she or he must comply with the Council of Mortgage Lenders’ Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
What does a local search reveal concerning the property I am purchasing in Flitwick?
Flitwick conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search organisations such as PSG The local search is essential in every Flitwick conveyancing purchase; that is if you don’t want any nasty once you have moved into your new home. The search will provide information on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject headings.
I'm purchasing a new build house in Flitwick with a mortgage from Yorkshire Building Society. The developers refused to move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent advised me not disclose to my solicitor about this extras as it would adversely affect my loan with the lender. Do I keep my lawyer in the dark?.
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.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on last month in what should have been a quick, chain free conveyancing. Flitwick is where the house is located. Can you shed any light on this issue?
Flying freeholds in Flitwick are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Flitwick you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Flitwick may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I was advised by three or four local property agents in Flitwick to choose a solicitor on your site. What’s the financial upside for Estate Agents to offer your lawyers over and above a competitor’s?
We refuse to make any financial incentive for pointing buyers and sellers to this site. We found it would be just too difficult to pay a commission as members of the public would think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.