My husband and I intend to purchase a newbuild flat in Carmarthen with a residential mortgage from Virgin Money.We have a Carmarthen conveyancing solicitor but Virgin Money says his firm is not on their approved list of member firms. we are left little option but to use a Virgin Money panel lawyer or retain our preferred solicitor and fork out for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The loan issued to you is subject to its terms and conditions, a common one being that lawyers will be on the Virgin Money approved list. Until recently, most mortgage companies had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Virgin Money
Please help - my lawyer advises that absentee landlord insurance is necessary on my purchase. What is the level of cover for Carmarthen conveyancing?
The right level of absentee landlord indemnity insurance should be dictated by who who your lender is. It would differ for example between National Westminster Bank and Leeds Building Society. Conveyancing lawyers as opposed to borrowers take out such policies.
We previously chose conveyancers with offices in Carmarthen on the Virgin Money solicitor panel. They have just billed me a separate fee for the legal aspects of the Virgin Money mortgage. Is this a supplemental conveyancing fee set by Virgin Money?
As unfair as it may seem, as long as it’s in their Terms and Conditions or estimate then yes your property lawyer can charge a fee for this. This charge is not dictated by Virgin Money but by your Carmarthen conveyancer. Some firms on the Virgin Money panel will levy ’dealing with mortgage’ fee and others do not.
I can not work out if my bank requires a lease extension. I have called into my local Carmarthen bank branch on various occasions and was told it does not affect the mortgage offer and they will lend. My Carmarthen conveyancing solicitor - who is on the bank conveyancing panel- called to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
Your conveyancing practitioner has to comply with the Council of Mortgage Lenders’ Handbook Part 2 provisions 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 lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Are there restrictive covenants that are commonly identified during conveyancing in Carmarthen?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Carmarthen. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Carmarthen differ for newly converted properties?
Most buyers of new build premises in Carmarthen approach us having been asked by the builder to sign contracts and commit to the purchase even before the residence is constructed. This is because new home sellers in Carmarthen usually buy the site, 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 used to new build conveyancing in Carmarthen or who has acted in the same development.
I decided to have a survey done on a house in Carmarthen prior to instructing solicitors. I have been advised that there is a flying freehold element to the house. The surveyor has said that some lenders may refuse to issue a loan on such a house.
It varies from the lender to lender. Lloyds has different instructions for example to Nationwide. Should you wish to call us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Carmarthen. Conveyancing may be slightly more expensive based on your lender's requirements.
I'm converting the mortgage on my existing home to a BTL loan with Bank of Ireland and I will use the ballance of the raised equity towards further house. The area we are talking about is Carmarthen. Will your lawyers be able to act for the two lenders and link together the transactions?
Make use of our comparison tool on this site to ensure that the solicitors are on the relevant lender panels. On the basis that they are your conveyancer will be able to connect the two deals but you should have a chat with you solicitor and communicate your desired outcome and needs.