My fiance and I are hoping to acquire a flat in Allestree and have instructed a Allestree conveyancing firm. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Birmingham Midshires have this afternoon contacted us to inform me that there is now an issue as our Allestree conveyancer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is normal for the purchasers' lawyers to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Allestree solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
We are about to sign contracts for a semi detached house in Allestree. We have hit a problem. Our mortgage offer with Lloyds TSB Bank runs out on 5/7/2022 but the owners are suggesting a completion date of 7/7/2022. Is it possible to prolong the mortgage expiry date?
The best person to address this question is your solicitors who is in a position to determine if they better off negotiating with the mortgage broker, owner’s lawyers, estate agents or indeed all three given what has happend in your house move as of today.
Are all Allestree Conveyancing Quality Solicitors on the Nottingham conveyancing list of approved firms?
It is true that some banks and building societies now make use of the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation 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 join their panels.
We previously appointed conveyancing lawyers located in Allestree on the TSB solicitor approved list. They are now charging me a supplemental fee for handling the TSB mortgage. Is this an additional conveyancing fee set by TSB?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your conveyancing practitioner may levy a fee for this. The charge is not set by TSB but by your Allestree conveyancer. Numerous firms on the TSB panel will quote ’dealing with mortgage’ fee and others do not.
I was told four weeks ago that my mortgage has been agreed to by Nottingham. Is it usual for Nottingham to only issue the offer once my solicitor in Allestree is approved on their conveyancing panel? Nottingham have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Nottingham to deal with your lawyer's application to be on the Nottingham conveyancing panel. There's no guarantee that your solicitor will be accepted.
Just acquired a detached house in Allestree , how long will it take for the Land Registry to register the transfer to my name? My Allestree conveyancing solicitor has been very slow, so I want to be certain the post completion formalities are addressed.
There is nothing unique when it comes to conveyancing in Allestree registration formalities. Rather than based on location, timescales can vary according to who lodges the application, whether there are errors and whether the Land registry must send notices to any 3rd parties. At present approximately 80% of such applications are fully addressed within two weeks but occasionally there can be longer hold-ups. Historically registration occurs after the new owner is living at the premises thus registration formalities is not usually an essential issue yet where it is urgent that the the registration takes place urgently then you or your conveyancer must speak with the land registry and explain the circumstances.
I'm buying my first flat in Allestree with a loan from National Westminster Bank. The sellers would not move on the price so I negotiated £7000 of fixtures and fittings instead. The estate agent suggested that I not inform my conveyancer about this deal as it would jeopardize my mortgage with National Westminster 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.
I'm refinancing my existing home to a BTL loan with Accord Mortgages Ltd and intend to use the remaining equity towards another property. The neighborhood we are interested in is Allestree. Will your conveyancers be able to act for both sets of lenders and tie in the two deals?
Make use of our comparison tool on this site to check that the lawyers are on the relevant lender panels. On the basis that they are the lawyer will be able to tie up the two transactions but you should talk with you lawyer and make clear your expectations and requirements.