I am acquiring a leasehold flat in White City. My lawyer is not on the lender approved list. Can I still retain my White City conveyancing solicitor even though they are excluded from the mortgage company panel?
Various options include
- Complete the purchase with your existing White City property lawyer but your mortgage company will need to instruct a lawyer from their conveyancing panel. This will result in additional cost and likely delay.
- Choose a fresh property lawyer to act in the purchase, ensuring that they are on the bank conveyancing panel.
- Convince your property lawyer to do everything within their powers to get listed on the bank’s panel of solicitors
When will exchange of contracts happen for domestic conveyancing in White City and do I need to be at the conveyancers branch?
If you are in close proximity to our conveyancing solicitors in White City you are invited in to sign the paperwork. However, the lender approved solicitors we recommend offer a nationwide conveyancing service and give just as detailed and professional a job for you when dealing with you electronically. The executing of the contract is not the point of no return. A signed contract is necessary for the solicitor to address the formalities at the suitable time, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where a lengthy "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in White City)to be in the office at the appropriate time.
I'm buying my first flat in White City with the aid of help to buy. The developers would not reduce the amount so I negotiated 6k of fixtures and fittings instead. The estate agent advised me not inform my lawyer about the deal as it may impact my loan with the lender. Is this normal?.
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 advice of my in-laws I had a survey completed on a house in White City ahead of retaining lawyers. I have been informed that there is a flying freehold element to the property. The surveyor has said that some banks may not issue a mortgage on a flying freehold home.
It depends who your proposed lender is. HSBC has different requirements for example to Nationwide. If you e-mail 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 White City. Conveyancing may be slightly more expensive based on your lender's requirements.
My husband and I have an offer in principle from Skipton Building Society who have advised that they will loan up to £218k. When do I need to instruct a lawyer for conveyancing? White City is where we plan to move to.
It would be wise to appoint a conveyancer now so that the solicitor can open the ledger so they can conduct their AML checks etc. Once you wish them to start work they will seek a deposit usually approximately £175. That should normally be after you have the mortgage offer and survey back, however should you want to speed the process you can get going quicker albeit risking some money.