It has come to my attention via my broker that my Downham Market lawyer is not on the lender Conveyancing panel. What can I do to be sure whether this is correct?
Your first step should be to call your Downham Market lawyer directly. You lawyer should advise you of the situation. Where they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your lender.
My lawyer has uncovered a defect with the lease for the flat we are buying in Downham Market. The other side have offered defective title insurance as a workaround. We are happy with insurance and will pay for it. Our solicitor says that he must be satisfied that the bank is happy with this solution. Are we the client or is the mortgage company ?
Notwithstanding that you have a mortgage offer from the lender does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the lender are the client. These conveyancing instructions have to be complied with.
I am considering applying for a TSB mortgage for purchase of a newly converted (under development) in Downham Market with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for TSB ?
In theory, you could use a solicitor that is not on the TSB conveyancing panel, but TSB would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
Is it correct that all Downham Market CQS (Conveyancing Quality Scheme) solicitors are on the Virgin Money conveyancing list of approved firms?
Some major lenders now use CQS as the kick off point for Panel membership such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their panels.
We previously chose conveyancers located in Downham Market on the RBS solicitor approved list. They are now charging me a further charge for handling the RBS mortgage. Is this a supplemental conveyancing fee set by RBS?
As unfair as it may seem, as long as it’s in their Terms of Engagement or Quote then yes your lawyer is entitled to charge a fee for this. The charge is not dictated by RBS but by your Downham Market conveyancing practitioner. Some firms on the RBS panel will levy an ‘acting for lender’ fee but some practices incorporate it on their overall fee.
It is not clear whether my bank requires a lease extension. I have called into my local Downham Market bank branch on various occasions and was told it does not impact the mortgage offer and they will lend. My Downham Market conveyancing solicitor - who is on the lender conveyancing panel- called to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Your conveyancing practitioner must follow the CML Handbook Part 2 conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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.
About to purchase a new build flat in Downham Market. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Downham Market
Please confirm the Lease plans are architect prepared. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
I'm converting the mortgage on my existing property to a buy to let mortgage with Godiva Mortgages Ltd and intend to use the remaining equity towards a second property. The neighborhood we are talking about is Downham Market. Will your lawyers be able to act for the two mortgage companies and tie in the transactions?
Make use of our search tool on this site to ensure that the conveyancers are approved by both mortgage companies. Assuming that they are your solicitor will be able to tie up the two deals but you should talk with you conveyancer and specify your desired outcome and requirements.