Is it correct that all Bulwell CQS (Conveyancing Quality Scheme) solicitors are on the Co-operative conveyancing panel?
Some major banks and building societies now use CQS as the kick off point for Panel membership such as HSBC and Santander. CQS membership however gives 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 solicitors wishing to remain on their panels.
We have agreed to purchase a house in Bulwell. One unusual aspect is that the roof has a solar panel. Principality have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Principality your lawyer must follow the formal requirements outlined in Section two of UK Finance Lenders’ Handbook for Principality. The CML Handbook sets out minimum specifications for solar panel roof-space leases, and lawyers are required to report to Principality where a lease fails to meet these provisions. The provisions relate to the installation of panels on properties countrywide and is not isolated to Bulwell.
Having digested plenty of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Bulwell solicitor - who is on the Lloyds conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Lloyds will need an independent valuation of the property. Your lawyer will not arrange this. Usually Lloyds will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Bulwell surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
How does conveyancing in Bulwell differ for newly converted properties?
Most buyers of new build property in Bulwell approach us having been asked by the seller to sign contracts and commit to the purchase even before the residence is constructed. This is because builders in Bulwell typically acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Bulwell or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a house in Bulwell ahead of appointing lawyers. I have been informed that there is a flying freehold overhang to the property. Our surveyor has said that some banks tend not issue a mortgage on a flying freehold home.
It depends who your proposed lender is. HSBC has different requirements for example to Halifax. If you contact us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Bulwell. Conveyancing will be smoother if you use a solicitor in Bulwell especially if they regularly deal with such properties in Bulwell.
I need to appoint a conveyancing solicitor for remortgage conveyancing in Bulwell. I've chance upon a web site which appears to be the perfect solution If it is possible to get all the legals completed via phone that would be ideal. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Why do Bulwell conveyancing costs differ for leasehold and freehold properties?
There is always increased work required in leasehold conveyancing. Bulwell has many leasehold properties. There is more time involved in the purchase: for example, the lease and leasehold information (including up to date service charge, ground rent and buildings insurance details) obtained from the freeholder or managing agents. There are strict criteria that the lease must meet in order to be acceptable to a mortgage company. If it does not meet these requirements, the lease must be amended, which can involve additional expense for the seller.