My wife and I are purchasing residence in Frampton Cotterell. My lawyer is not on the mortgage company approved panel. Can I still use my Frampton Cotterell conveyancing solicitor notwithstanding that they are not on the bank panel of approved conveyancing solicitors?
Various options include
- Carry on with your chosen Frampton Cotterell conveyancing practitioner but your bank will no doubt use a conveyancing practitioner from their conveyancing panel. The net result is additional charges and probable delay.
- Appoint a fresh lawyer to act in the purchase, obviously checking they are on the mortgage company conveyancing panel.
- Appeal to your lawyer to attempt to join the bank panel
I am hoping to move into my new home in Frampton Cotterell next Friday. My solicitor now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the mortgage company. What risks does the bank expect the insurance to cover?
All property lawyers on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook instructions. These requirements are not limited to conveyancing in Frampton Cotterell.
We wanted to use a property lawyer in Frampton Cotterell for our home move. Our financial adviser informed us that our mortgage company Virgin Money won't deal with them. Why is this not regarded as unduly restrictive?
Mortgage Companies on the whole restrict either the category or the number of conveyancing firms on their member panel. A common example of such restriction(s) being that a law practice must have two or more partners. As well as restricting the profile of firm, some have limited the number of firms they use to act for them. Be aware that Virgin Money have no responsibility for the quality of advice provided by any member of Virgin Money Conveyancer Panel. Mortgage fraud was a key driver in the reduction of solicitor panels since 2008 even though there remains mixed opinions concerning the extent of solicitor involvement in some of that fraud. Figures from the Land Registry indicate that thousands of law firms, including some in or near Frampton Cotterell only conduct very few conveyances a year.
I have been told that property searches are the main cause of delay in Frampton Cotterell house deals. Is this right?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not feature within the common causes of delays during the legal transfer of property. Searches are not likely to feature in any slowing down conveyancing in Frampton Cotterell.
We are 14 days into a residential purchase having been referred to solicitors by the selling agent to handle our conveyancing in Frampton Cotterell. I am not happy. Can you help me find new solicitors?
They would need to be really bad in order to consider replacing them. Has your loan offer been generated? If so you will need to make them aware of the new lawyer and ensure the mortgage documents are re-issued. The solicitor ideally should be on the lenders approved list to avoid escalating charges and complications. So that should be your starting point. The search tool should help you find a bank approved lawyer for your conveyancing in Frampton Cotterell
I own a leasehold flat in Frampton Cotterell. Conveyancing was finished in 2009. I have been told that I mustn’t let the lease length get too low. Why is that a problem?
Frampton Cotterell leasehold properties are for a fixed term - often 99 years when they commenced. However a significant appartments in Frampton Cotterell were built or converted in the 60’s and so these leases now have less than eighty years remaining. This may sound like plenty of time but Banks, Building Societies and other mortgage lenders tend to need leases to have at least 75 years unexpired to adequate security. This means that when you come to sell the property you will need a lease extension if you are getting close to eighty years. To maximise your property value you should be thinking about whether to extend your lease long before you come to sell it. There are also significant benefits to taking action before the lease hits eighty years as when the lease is below 80 years the amount to be paid to extend starts to get a lot more expensive.