I can't travel far from Oldland. Is there a reason why all Oldland conveyancers are not on all bank panels?
Banks highlight the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud annually.The dismissal of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its conclusions included recommendations for mortgage companies to review their conveyancing panels, which kicked off a major policy change in the sector. This resulted in banks and building societies removing a number of firms from their panel of approved conveyancing practitioners .
We're in Oldland, First timers buying with a mortgage (lender is Bank of Ireland , and our solicitor is on the Bank of Ireland conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Bank of Ireland conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer 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.
We previously chose conveyancing lawyers with offices in Oldland on the Bank of Ireland solicitor approved list. They are now charging me a supplemental fee for the legal aspects of the Bank of Ireland mortgage. Is this a supplemental conveyancing fee set by Bank of Ireland?
As unfair as it may appear, as long as it’s in their Terms of Engagement or Quote then yes your conveyancing practitioner may charge a fee for this. This fee is not dictated by Bank of Ireland but by your Oldland solicitor. Plenty of firms on the Bank of Ireland panel will levy ’dealing with mortgage’ fee but some practices incorporate it on their overall fee.
I have paid off my mortgage with Coventry BS. I assume I don't need a Oldland conveyancer on the Coventry BS panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Coventry BS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Coventry BS mortgage from the register. Coventry BS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Coventry BS has sent the Land Registry the discharge electronically, and
- Coventry BS has instructed the Land Registry to do so
My offer was accepted on an apartment in Oldland on 13/6/2024, valuation was booked 3 days after, received a clean bill of health. Solicitor instructed, so the only thing outstanding was my mortgage offer. Having made daily calls to Kent Reliance and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Kent Reliance conveyancing panel. Can the lender hold off the offer?
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 Kent Reliance to deal with your lawyer's application to be on the Kent Reliance conveyancing panel. There's no guarantee that your solicitor will be accepted.
Are there restrictive covenants that are commonly picked up during conveyancing in Oldland?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Oldland. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am buying a new build flat in Oldland. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Oldland
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Forfeiture - bankruptcy or liquidation must not apply under this provision. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. There must be mutual enforceability of lessee’s covenants.
We are contemplating instructing an online property lawyer as opposed to a Oldland conveyancing firm. Am I making a mistake?
Advantages do exist in having the option visit a local Oldland conveyancing solicitor for example
- signing papers same day
- getting face-to-face explanations of things that you need help with
- the ability to raise concerns if things need to addressed
When checking quotes, look carefully for hidden extras. Most decent Oldland high street solicitors give an all-inclusive figure. Often online agents seem to offer low cost fees, yet have burried 'extras' in the in the terms and conditions.