I have a mortgage with Barclays for my property in Ellesmere. Conveyancing was finalised a year 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 BTL mortgage or inform Barclays?
Your original mortgage agreement with Barclays will provide that you need their approval in advance of letting out your property as this is likely to be a breach of Barclays’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 Barclays directly. It should not be necessary to do this via a Barclays conveyancing panel lawyer.
It is unclear whether my lender requires a lease extension. I have telephoned my Ellesmere bank branch on various occasions and was advised it wasn't an issue and they would lend. My Ellesmere conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend based on their specific requirements. I have no idea who is right.
The conveyancing practitioner must follow the Council of Mortgage Lenders’ Handbook Part 2 conditions for your bank. 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 bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am due to exchange contracts on my apartment. I had a double glazing fitted in February 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Lloyds are being problematic. The Ellesmere solicitor who is on the Lloyds conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Lloyds are requiring a building regulation certificate. Why do Lloyds have a conveyancing panel if they don't accept advice from them?
It is probably the case that Lloyds have referred the matter to their valuer. The reason why Lloyds may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
The deeds to our home can not be found. The solicitors who dealt with the conveyancing in Ellesmere 10 years ago are no longer around. What are my options?
Assuming the title is registered the information relating to your ownership will be recorded by HMLR with a Title Number. It is easy to conduct a search at the Land Registry, find your property and order up to date copies of the Registered Entries for a small fee. If the title is Leasehold then the Land Registry will usually hold a certified copy of the Registered Lease and again, a copy can be ordered for a small fee.
I'm buying a new build house in Ellesmere benefiting from help to buy. The developers would not move on the amount so I negotiated £7000 of extras instead. The house builders rep suggested that I not to tell my conveyancer about the extras as it could put at risk my mortgage with Godiva Mortgages Ltd. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
I was pointed in your direction by a number of property agents in Ellesmere to select a property lawyer on your site. What’s the financial incentive for Estate Agents to offer your services rather than a competitor’s?
We don’t give any referral fee for pointing buyers and sellers our way. We thought it would be too underhand to pay a commission because members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
Am I better off to appoint a Ellesmere conveyancing lawyer who is local to the property I am hoping to buy? We have a good friend who can handle the legal work but his firm is located a couple of hundredmiles drive away.
The benefit of a high street Ellesmere conveyancing firm is that you can visit the firm to execute paperwork, hand in your ID and pester them where appropriate. Having local Ellesmere know how is a bonus. However nothing is more important than finding someone that will pull out all the stops for you. If other friends have instructed your friend and they were happy that should surpass using an unknown Ellesmere conveyancing lawyer solely due to them being local.
My wife and I accepted an offer on a Ellesmere house we inherited some years ago in 2009. I have over a decades worth of conveyancing experience and, although retired, wish to undertake the legal work. The purchaser's lawyer has informed me that their bank will not allow us to do our own conveyancing as they require the funds to be sent to a solicitor's bank account.
Lending requirements to conveyancing practitioners from all CML members state that If the seller is not legally represented the purchaser’s lawyers should check whether the mortgage company needs to be notified so that a decision can be made as to whether they are willing to progress.