I am in the process of selling my maisonette in Little Mill and the EA has just called to say that the purchasers are appointing a new conveyancer. The reason given is that the mortgage company will only work with property lawyers on their conveyancing panel. Why would a leading lender only engage with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Little Mill ?
Mortgage companies have always had panels of law firms that can act for them, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Mortgage companies blame a rise in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms 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 purchasers are unlikely to have any impact on this.
The Little Mill conveyancing firm handling our Little Mill conveyancing has uncovered a difference between the assumptions in the home valuation survey and what is in the conveyancing documents. My solicitor has advised that he must ensure that the bank is happy with this discrepancy and is content to go ahead. Is my conveyancer’s approach legitimate?
Your lawyer must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Do the Building Society Association intend to launch a search tool with a view to to identify solicitors on the Darlington Building Society conveyancing panel for example in Little Mill?
We would not expect to be advised of any intention on the part of the BSA to develop such a register.
We have agreed to purchase a house in Little Mill. A rare aspect is that the roof has a solar panel. RBS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with RBS your lawyer must check the formal requirements outlined in Section 2 of UK Finance Lenders’ Handbook for RBS. The Council of Mortgage Lenders’ Handbook includes minimum specifications for solar panel roof-space leases, and solicitors are required to report to RBS where a lease does not meet these provisions. The provisions relate to the installation of panels on properties nationwide and is not limited to Little Mill.
My husband and I are in the process of viewing apartments in Little Mill and I am now considering a potential offer. Should I already have a lawyer in place at this point? I intend to finance via a mortgage with Bank of Ireland.
You should start requesting conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the estate agent. As you are taking out a mortgage with Bank of Ireland, make sure you remember to check that your lawyer is on the Bank of Ireland conveyancing panel.
My sealed bid on a property in Little Mill has been accepted, the sellers do nevertheless have a tied purchase. The sellers have offered on on an apartment, but it’s not been accepted yet, and have viewings of other properties booked. I have instructed a nearby conveyancing solicitor in Little Mill. What do I do now? When do I get the mortgage application with Principality started?
It is understandable to have anxieties where there is a chain as you are unlikely to want to incur costs prematurely (home loan application is approx £1k, then valuation, Little Mill conveyancing search costs, etc). The first course of action is to check that your lawyer is on the Principality approved list. Concerning the subsequent stages this very much depends on the uniqueness of your transaction, motivation for this property and on the state of the market. In a buoyant market some buyers will apply for the mortgage with Principality and pay for the valuation and only if it was satisfactory would they request their lawyer to move forward with searches.
I am tempted by the attractive purchase price for a two flats in Little Mill both have in the region of forty five years left on the leases. should I be concerned?
There are plenty of short leases in Little Mill. The lease is a right to use the property for a prescribed time frame. As the lease shortens the saleability of the lease reduces and results in it becoming more expensive to extend the lease. For this reason it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this area.
Little Mill Leasehold Conveyancing - A selection of Questions you should ask before Purchasing
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Be sure to enquire if there is anything that is prohibited in the lease. By way of example plenty of leases prohibit pets being permitted in certain buildings in Little Mill. If you like the flatin Little Mill but your dog is not allowed to make the move with you then you will be presented with a difficult determination. This question is helpful as a) areas can result in problems for the building as the communal areas may start to deteriorate where services remain unpaid b) if the leaseholders have an issue with the managing agents you will need to have all the details Does this lease have in excess of 90 years remaining?
I am just shy of a 10% deposit on my apartment purchase in Little Mill , but I still want to exchange. Do I have options?
One option is to try and accept a smaller deposit. Many vendors will accept a lower deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last moment