We wanted to use a property lawyer in Rainford for our home move. Our broker has since advised us that our bank Coventry Building Society won't deal with them. Why is this not regarded as unfair competition?
Banks in the main imposes restrictions either the category or the number of conveyancing solicitors on their member panel. A common example of such criteria being that a firm must have two or more partners. In addition to restricting the type of firm, some have reduced the amount of solicitor practices they permit to act for them. You should note that Coventry Building Society have no responsibility for the quality of advice provided by any member of Coventry Building Society Conveyancer Panel. Mortgage fraud was a primary driver in the rationalisation of solicitor panels a few years ago even though there are differing opinions concerning the level of solicitor engagement in some of that fraud. Figures from the Land Registry reveal that hundreds of law firms, including some in or near Rainford only execute a couple conveyances per annum.
Is it correct that all Rainford CQS (Conveyancing Quality Scheme) solicitors are on the Bank of Ireland conveyancing panel?
Some major lenders now make use of the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to join their approved list of conveyancing solicitors.
I currently have a mortgage with RBS for my property in Rainford. Conveyancing has been completed months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform RBS?
RBS must be informed of your intention in advance of letting out your property as this is likely to be a breach of RBS’s mortgage conditions. It may be that RBS will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact RBS directly. It should not be necessary to do this via a RBS conveyancing panel solicitor.
TSB have agreed my home loan in principle, my offer on a property in Rainford has been accepted, what are the next steps?
The property agent will wish to be informed of your solicitor's details (be sure the conveyancing practitioners are on the bank’s panel). Telephone TSB or the financial adviser and finalise any relevant forms. TSB will sellect a valuer who will get in touch with the selling agent or seller to schedule an appointment. Once conducted (assuming no problems) it takes about a week for the mortgage offer to be issued. TSB will send the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Rainford.
Have purchased a a terraced house in Rainford , What is the estimated time for the Land Registry to deal with the formalities evidencing the transfer to my name? My Rainford conveyancing solicitor has been painfully slow, so I want to check that my purchase is recorded.
As far as conveyancing in Rainford registration is no faster or slower than the rest of England and Wales. Rather than based on location, timescales can vary according to the party submitting the application, whether it is in order and if the Land registry communicate with any interested parties. Currently approximately three quarters of submission are fully addressed within 12 days but some can be subject to longer delays. Registration is effected after the buyer has moved in to the premises so 'speed' is not always primary concern yet if there is a degree of urgency associated with the registration then you or your solicitor can communicate with the Registry to express the reasoning for an expedited registration.
I'm converting the mortgage on my current house to a BTL mortgage with The Mortgage Works and intend to use the remaining equity as a down payment on another house. The area we are talking about is Rainford. Will your lawyers be able to act for both sets of lenders and link together the conveyances?
Make use of our comparison tool on this site to ensure that the solicitors are approved by both mortgage companies. Having checked that they are the solicitor will be able to simultaneously deal with the two deals but you should have a chat with you solicitor and specify your desired outcome and needs.
What makes a Rainford lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Rainford. All leases are unique and legal mistakes in the legal wording can result in certain provisions are missing. The following missing provisions could result in a defective lease:
-
Service charge per centages that don't add up correctly leaving a shortfall
You could have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Chelsea Building Society, and Britannia all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to pull out.
I own a 1st floor flat in Rainford, conveyancing having been completed October 1998. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Rainford with an extended lease are worth £206,000. The ground rent is £45 yearly. The lease finishes on 21st October 2091
With 66 years remaining on your lease the likely cost is going to span between £12,400 and £14,200 plus professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.
Would local authority permission be required to split a house into multiple appartments in Rainford? This has taken place to a house adjacent to a friend in Rainford and was ignorant of the conversion until the works were finished.
Planning Permission yes. Building Regulations yes.