We are expecting a mortgage offer soon. The lender mentioned the mortgage came with free conveyancing. Is the implication that I have to use their panel lawyer as I would much rather instruct a Rochford based conveyancing firm?
Do check but the the probability is that appoint one of their panel conveyancers if you take up the "fee-free" incentive. Speak to the mortgage company to see if they allow a cash alternative. Some lenders have previously offered a £250 cashback as an alternative in which case you could put that amount towards the cost for your conveyancing solicitor near Rochford.
When it comes to lenders such as Nationwide, do Rochford conveyancers incur a fee to be on the conveyancing panel?
We are unaware of any mortgage company fees to be on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
is it true that all Rochford conveyancing solicitors on the Clydesdale conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Clydesdale approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. The majority of lenders do permit licenced conveyancers on their panel in which case such firms would be overseen by the Council of Licensed Conveyancers.
Principality have agreed my mortgage in principle, my bid on a flat in Rochford has been agreed to, now what?
The estate agent will wish to know who your solicitors are (ensure that the solicitors are on the lender’s panel). Telephone Principality or the financial adviser and complete any outstanding forms. Principality will instruct a valuer who will get in contact with the estate agent or owners to schedule an appointment. Once carried out (assuming no problems) it takes approximately ten days for the mortgage offer to be issued. Principality will send the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Rochford.
Are there restrictive covenants that are commonly identified during conveyancing in Rochford?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Rochford. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm buying my first flat in Rochford with a loan from Alliance & Leicester . The sellers refused to reduce the amount so I negotiated £7000 of fixtures and fittings instead. The house builders rep told me not disclose to my solicitor about the deal as it will adversely affect 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.
Due to the input of my in-laws I had a survey completed on a house in Rochford in advance of appointing lawyers. I have been informed that there is a flying freehold element to the property. The surveyor has said that some banks will not issue a mortgage on such a house.
It varies from the lender to lender. Lloyds has different requirements for example to Halifax. Should you wish to telephone us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Rochford. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Rochford to see if the conveyancing will be more expensive.