My partner and I are looking to purchase a flat in Aldridge and are in fact using a Aldridge conveyancing practice. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. TSB have this morning contacted us to inform me that they have now hit a problem as our Aldridge conveyancer is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance it is usual for the purchasers' solicitors to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Aldridge lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Finally the sale completed on my house in Aldridge last January but my buyer keeps texting me to say his solicitor is waiting to hear from mine. What should have happened following completion?
Following your sale your lawyer should forward the transfer deeds and all supplemental paperwork to the purchaser's lawyers. If applicable, your conveyancer must also send confirmation that the home loan has been repaid to the buyers conveyancers. There are no post completion requirements just for conveyancing in Aldridge.
My husband and I have organised the release of further monies on our home loan from Kent Reliance as we wish to carry out improvements to our house in Aldridge. Do we need to select a bricks and mortar Aldridge solicitor on the Kent Reliance conveyancing panel to deal with the paperwork?
Kent Reliance would not normally require firms on their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Kent Reliance panel.
The mortgage over my property is with Virgin Money for my property in Aldridge. Conveyancing has been completed some time ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Virgin Money?
Your original mortgage agreement with Virgin Money will provide that you need their approval before letting out your property as this is likely to be a breach of Virgin Money’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Virgin Money directly. You need not do this via a Virgin Money conveyancing panel solicitor.
About to purchase house in Aldridge. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Virgin Money conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Aldridge conveyancing practitioner is on the Virgin Money conveyancing panel.
I am buying my first flat in Aldridge with a mortgage from Godiva Mortgages Ltd. The builders refused to reduce the price so I negotiated £7000 of additionals instead. The estate agent advised me not inform my conveyancer about the extras as it will jeopardize my mortgage 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.
Whilst your website is a good idea there are many lawyers listed near Aldridge being on the bank conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the bank approved panel?
We do not recommend specific Aldridge firms as the right Aldridge conveyancing firm for you depends on where your priorities lie. For example you may require a local firm with Aldridge knowledge or you might be looking for the low cost conveyancing. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..