Unfortunately I am unable to travel far from Belbroughton. Is there a reason why all Belbroughton conveyancers are not on all lender panels?
Before the recession most banks demonstrated an attitude to risk which is different than today. The Financial Services Authority in 2010 instigated a thematic review into property fraud which concluded: know the property lawyers on your panel. As a result, mortgage companies have subsequently requiredmore information from law firms about their operations and the staff employed by them and set certain criteria such as completing a minimum volume of transactions. Hundreds of law practices have found themselves excluded from lender panels even though they had an exemplary disciplinary record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to satisfy the minimum amount of transactions the mortgage companies required.
Our Belbroughton conveyancer has uncovered an inconsistency when comparing the assumptions in the home valuation report and what is revealed within the conveyancing documents. My solicitor says that he must check that the lender is OK with this discrepancy and is content to go ahead. Is my conveyancer’s course or action right?
Your lawyer must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
I am the sole recipient of my late father’s will with all property in now in my sole name, including the house in Belbroughton. The Belbroughton property was put into my name in September. I now wish to sell up. I do know about the CML six month 'rule', which means that my property ownership may be considered the same way as though I had purchased the house in September. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be affected by that. Most mortgage companies would take a practical view as this provision is principally there to identify the purchase and immediately sell or the quick reselling of properties.
Is it correct that all Belbroughton CQS (Conveyancing Quality Scheme) solicitors are on the Bank of Ireland conveyancing panel?
A selection of lenders now make use of the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their panels.
We had instructed solicitors with offices in Belbroughton on the Bank of Ireland solicitor approved list. They are now charging me a supplemental amount for handling the Bank of Ireland mortgage. Is this a supplemental conveyancing fee set by Bank of Ireland?
Unfortunately, so long as it is in their Terms of Engagement or estimate then yes your property lawyer is entitled to charge a fee for this. The charge is not dictated by Bank of Ireland but by your Belbroughton solicitor. Plenty of firms on the Bank of Ireland panel will quote an ‘acting for lender’ fee but some firms incorporate it on their overall fee.
five months have gone by since my purchase conveyancing in Belbroughton took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am looking for a flat up to £235,500 and identified one round the corner in Belbroughton I like with a park and railway links nearby, however it only has 61 years on the lease. There is not much else in Belbroughton in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
If you require a mortgage that many years may be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
Are all Belbroughton legal practices on every bank conveyancing panel?
The Lexsure search tool on this page may be of use or you can go into your local lender branch in Belbroughton. the probability is that they will know some good conveyancing solicitors in Belbroughton