I am selling my apartment in Deanshanger and the estate agent has just called to say that the purchasers are switching solicitor. I am told that this is due to the fact that the mortgage company will only engage with property lawyers on their approved list. Why would a major lender only engage with certain solicitors rather the firm that they want to select for their conveyancing in Deanshanger ?
UK lenders have always had an approved set of law firms they are willing to work with, but in the last few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Banks attribute this action to a rise in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are unlikely to have any impact on this.
We're in Deanshanger, First timers buying with a mortgage (lender is Virgin Money , and our solicitor is on the Virgin Money conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Virgin Money conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
My partner and I are spending time looking at houses in Deanshanger and I am now considering a potential offer. Is it too early to have a solicitor in place? I intend to finance via a home loan with Bank of Ireland.
You should start requesting conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the EA. As you are getting a mortgage with Bank of Ireland, ask your prospective lawyers if they are on the Bank of Ireland conveyancing panel otherwise they can't do the mortgage legal work.
It is unclear 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 Deanshanger bank branch on a couple of occasions and was told it wasn't a problem and they would lend. My Deanshanger conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
Your property lawyer has to follow the Council of Mortgage Lenders’ Handbook Part 2 specifications for your lender. 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 left on the lease.
About to purchase apartment in Deanshanger. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Aldermore 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 Deanshanger lawyer is on the Aldermore conveyancing panel.
I am buying my first flat in Deanshanger with the aid of help to buy. The sellers would not budge the amount so I negotiated £7000 of extras instead. The property agent suggested that I not disclose to my lawyer about this extras as it may put at risk my mortgage with the bank. 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.
Over the last few months I have been searching for a ground for flat up to £195,000 and found one near me in Deanshanger I like with a park and station in the vicinity, however it's only got 49 years unexpired on the lease. I can't really find anything else in Deanshanger for this price, so just wondered if I would be making a grave error purchasing a short lease?
If you need a home loan that many years will likely be a potential deal breaker. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of 2 years you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.