Last month we had a mortgage agreed in principle with Bank of Ireland. Manningtree conveyancing lawyers were instructed. What is the average time that one could expect to receive a mortgage offer from Bank of Ireland?
There is no definitive answer here. Have Bank of Ireland completed the survey? Have you advised Bank of Ireland as to your lawyers' details and checked that your lawyers are on the Bank of Ireland conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
We expect to receive a OIP from RBS this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do RBS recommend any Manningtree solicitors on the RBS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Manningtree solicitors independently although you'll need to choose one on the RBS conveyancing panel. The solicitor represents both you and RBS through the process.
My offer was accepted on a house in Manningtree on 29/12/2023, valuation was booked 4 days later, all came back fine. Property lawyer instructed, so the only thing outstanding was my mortgage offer. Having made daily calls to Lloyds and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Lloyds conveyancing panel. Are Lloyds entitled to hold back the Mortgage pending the lawyer being on the approved list?
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 Lloyds to deal with your lawyer's application to be on the Lloyds conveyancing panel. There's no guarantee that your solicitor will be accepted.
I need some expedited conveyancing in Manningtree as I am under a deadline to sign on the dotted line in less than 2 weeks. Luckily I do not require a mortgage. Is it possible to decline from having conveyancing searches to save fees and time?
As you are are a cash buyer you are at free not to have searches carried out although no lawyer would advise that you don't. With lots of history conveyancing in Manningtree the following are instances of issues that can crop up and therefore impact market value: Enforcement Actions, Outstanding Charges, Outstanding Grants, Railway Schemes,...
My wife and I purchased a semi-detached Victorian house in Manningtree. Conveyancing lawyer acted for me and Godiva Mortgages Ltd. I did a free Land Registry search last week and there are a couple of entries: the first freehold, another for leasehold under the matching address. Is it worth asking Godiva Mortgages Ltd to clarify?
You should read 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 Manningtree and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also enquire as to the situation with your conveyancing solicitor who conducted the work.
How does conveyancing in Manningtree differ for new build properties?
Most buyers of new build residence in Manningtree approach us having been asked by the seller to sign contracts and commit to the purchase even before the premises is finished. This is because new home sellers in Manningtree typically buy the site, 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 conveyancing solicitors 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 Manningtree or who has acted in the same development.
I was advised by a few estate agents in Manningtree to find a solicitor on your site. What’s the financial inducement for Estate Agents to promote your site rather than alternative conveyancing organisations?
We don’t offer any financial incentive for directing people our way. We found it would be just too difficult to pay a commission as members of the public would think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
My step-son is about to join the property ladder, the home loan was agreed last week in principle. When the offer was accepted on apartment we rang the bank to progress the mortgage application. I was very surprised to hear that mortgage lenders do not accept all conveyancing practitioner, they must be on their panel, is this right?
Mortgage Companies normally imposes restrictions either the type or the number of conveyancing practices on their panel. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Manningtree lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Presumably not.