It has come to my attention via my lender that my Loughborough the law firm I have appointed is not on the mortgage company Conveyancing panel. How can I be sure if this is correct?
The best course of action for you to take is to contact your Loughborough lawyer directly. You lawyer should advise you of the situation. Where they are not on the panel they may be able to suggest a Loughborough conveyancing practice that is on the conveyancing panel for your bank.
Our solicitor has identified a a problem with the lease for the property we are buying in Loughborough. The other side have offered title insurance as a solution. We are content with insurance and will pay for it. Our property lawyer has advised that he must be satisfied that the mortgage company is happy with this solution. Are we the client or is the bank?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the bank are the client. The appropriate lender provisions must be adhered to.
I purchased a freehold property in Loughborough yet charged rent, why is this and what is this?
It’s unusual for properties in Loughborough and has limited impact for conveyancing in Loughborough but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
I had a mortgage agreed in principle with Virgin Money. Loughborough conveyancing solicitors have been appointed. How long does it take for Virgin Money to issue the offer to the lawyer?
Some lenders take longer than others. Have Virgin Money completed the survey? Have you advised Virgin Money as to your lawyers' details and checked that your lawyers are on the Virgin Money conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I recently had an offer agreed on a house in Loughborough. My mortgage broker suggested a solicitor. I paid an upfront payment of £200. A few days later, the lawyer contacted me to say that they were not on the Leeds Building Society conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Leeds Building Society panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I was told two weeks ago that my mortgage has been agreed to by Skipton. Is it usual for Skipton to only issue the offer once my solicitor in Loughborough is approved on their conveyancing panel? Skipton have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Skipton to deal with your lawyer's application to be on the Skipton conveyancing panel. There's no guarantee that your solicitor will be accepted.
How does conveyancing in Loughborough differ for new build properties?
Most buyers of new build or newly converted property in Loughborough approach us having been asked by the developer to sign contracts and commit to the purchase even before the premises is constructed. This is because builders in Loughborough typically purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Loughborough or who has acted in the same development.
What is the average legal costs for conveyancing in Loughborough?
The average cost in 2014 for conveyancing in Loughborough was £1,395 excluding SDLT and HM Land Registry charges.