Unfortunately I am unable to travel far from East Bergholt. What is the rationale as to why all East Bergholt conveyancers are not on all lender panels?
A decade ago most banks exhibited an approach to risk which is different from today. The FSA in 2010 instigated a thematic review into mortgage fraud which concluded: know the conveyancing practitioners on your panel. Consequently, mortgage companies have subsequently requiredmore information from law firms concerning their operations and the individuals who work for them and set certain criteria such as completing a minimum volume of transactions. Hundreds of law practices have been removed from lender panels even though they had an exemplary disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms found it impossible meet the criteria of amount of transactions the lenders insisted on.
I am considering applying for a Kent Reliance mortgage for purchase of a new build (under development) in East Bergholt with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Kent Reliance ?
There is nothing to stop you using your solicitor, but Kent Reliance will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
My uncle informed me that in buying a property in East Bergholt there could be various restrictions affecting the ability to carry out external alterations to the property. Is this right?
There are anumerous of properties in East Bergholt which have some sort of restriction or requirement of consent to external variations. Part of the conveyancing in East Bergholt should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
It is not clear whether my mortgage offer requires a lease extension. I have called into my local East Bergholt bank branch on various occasions and was told it does not impact the mortgage offer and they will lend. My East Bergholt conveyancing solicitor - who is on the bank conveyancing panel- called and was told they refuse to lend based on their specific requirements. I have no idea who is right.
As long as the property lawyer is on the bank panel, they must follow the CML Handbook requirements for the 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 lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
I was told three weeks ago that my mortgage has been agreed to by Co-operative. Is it usual for Co-operative to only issue the offer once my solicitor in East Bergholt is approved on their conveyancing panel? Co-operative have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Co-operative to deal with your lawyer's application to be on the Co-operative conveyancing panel. There's no guarantee that your solicitor will be accepted.
Me and my brother own a semi-detached Victorian house in East Bergholt. Conveyancing solicitor represented me and Yorkshire Building Society. I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, the second leasehold under the matching property. I'd like to know for sure, how can I find out??
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in East Bergholt and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the situation with the conveyancing lawyer who conducted the purchase.
As co-executor for the estate of my grandmother I am selling a residence in Monmouth but I am based in East Bergholt. My solicitor (based 235 kilometers awayrequires that I sign a stat dec before the transaction finalising. Can you recommend a conveyancing solicitor in East Bergholt to witness and place their company stamp on the document?
strictly speaking you should not need to have the documents attested by a conveyancing solicitor. Normally any notary public or solicitor will do regardless of whether they are East Bergholt based
I am looking at a two flats in East Bergholt both have approximately fifty years unexpired on the lease term. Do I need to be concerned?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease gets shorter the marketability of the lease reduces and it becomes more expensive to extend the lease. This is why it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this field.
Leasehold Conveyancing in East Bergholt - Sample of Questions you should consider before buying
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Are any of leasehold owners in arrears of their service charge liability? How much is the maintenance charge and ground rent on the property? Are there any major works in the planning that could add a premium to the service fees?