I am selling my flat in Freshwater and the EA has just e-mailed to advise that the purchasers are changing their property lawyer. The reason given is that the mortgage company will only work with property lawyers on their conveyancing panel. Why would a leading mortgage company only deal with specific law firms rather the firm that they want to choose for their conveyancing in Freshwater ?
Banks have always had an approved set of law firms they are willing to work with, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lending institutions attribute this action to a rise in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are unlikely to have any sway in the decision.
My conveyancer has discovered a a legal deficiency with the lease for the apartment we are buying in Freshwater. The seller’s lawyers have offered title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer says that he must be satisfied that the mortgage company is content with this solution. Are we the client or is the mortgage company ?
Notwithstanding that you have a mortgage offer from the bank does not mean to say that the property will meet their specifications 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 must be adhered to.
We're in Freshwater, FTBs purchasing with a mortgage (lender is TSB , and our solicitor is on the TSB conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the TSB conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I am the single beneficiary of my late mum's will with all property in now in my sole name, including the my former home in Freshwater. The Freshwater property was put into my name in December. I now wish to sell up. I do know about the Mortgage Lenders 6 month 'rule', which means that my proprietorship could be treated the same way as if I'd bought the property in December. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook mandates conveyancers 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 caught by that. Some banks would take a pragmatic view as this requirement principally exists to pick up on the purchase and immediately sell or the flipping of property.
I can not fathom if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Freshwater building society branch on a couple of occasions and was told it does not impact the mortgage offer and they will lend. My Freshwater conveyancing solicitor - who is on the bank conveyancing panel- called and was told they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Provided that the property lawyer is on the mortgage company approved list, she or he must comply with 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 bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
Barclays have agreed my home loan in principle, my bid on a house in Freshwater has been accepted, what happens next?
Your estate agent will need to be informed of your solicitor's details (be sure the property lawyers are on the bank’s panel). Call up Barclays or the broker and complete any appropriate paperwork. Barclays will sellect a valuer who will get in touch with the estate agent or owners to arrange a time for the valuation to take place. Once carried out (assuming no problems) it takes about a fortnight to get a mortgage offer. Barclays will send the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Freshwater.
Will commercial conveyancing searches reveal impending roadworks that could impact a commercial premises in Freshwater?
Its becoming the norm that commercial conveyancing solicitors in Freshwater will perform a SiteSolutions Highways report as it reduces the time that conveyancers spend in sourcing accurate data on highways that impact buildings and development assets in Freshwater. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Freshwater.
For each commercial conveyancing transaction in Freshwater it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately may result in delays to Freshwater commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not ordered for residential conveyancing in Freshwater.
I am purchasing a new build house in Freshwater with a mortgage from Skipton Building Society. The developers refused to budge the price so I negotiated 6k of extras instead. The estate agent advised me not disclose to my solicitor about the extras as it may affect my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.