I am in the process of selling my apartment in Ramsbottom and the EA has just text me to advise that the purchasers are switching solicitor. The reason given is that the bank will only deal with property lawyers on their approved list. Why would a leading mortgage company only engage with certain law firms rather the firm that they want to choose to handle their conveyancing in Ramsbottom ?
Banks have always had an approved set of law firms they are content to work with, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lending institutions point to the increase in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms 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 buyers are unlikely to have any impact on this.
I had intended to instruct a conveyancing solicitor in Ramsbottom for our home move. Our broker informed us that our mortgage company Nottingham Building Society won't deal with them. Surely this is unfair competition?
Lenders normally imposes restrictions either the category or the number of conveyancing practices on their approved list of lawyers. A common example of such restriction(s) being that a law practice must have two or more partners. In addition to restricting the type of firm, a few banks have reduced the amount of solicitor practices they use to act for them. You should note that Nottingham Building Society have no responsibility for the quality of advice provided by any member of Nottingham Building Society Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of conveyancing panels since 2008 even though there remains mixed views regarding the extent of solicitor engagement in some of that fraud. Figures from the Land Registry reveal that thousands of law firms, including some in or near Ramsbottom only conduct very few conveyances a year.
We have agreed to purchase a house in Ramsbottom. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender RBS be concerned?
Given that your lender is RBS your lawyer must comply with the formal instructions set out in Section two of UK Finance Lenders’ Handbook for RBS. The Council of Mortgage Lenders’ Handbook sets out minimum conditions for solar panel roof-space leases, and conveyancing practitioners are required to report to RBS where a lease does not meet these provisions. The specifications relate to the installation of panels on properties countrywide and is not limited to Ramsbottom.
My offer was accepted on a property in Ramsbottom on 1/9/2021, valuation was booked 2 days after, received a clean bill of health. Conveyancer retained, so the only thing outstanding was my mortgage offer. Having made daily calls to Leeds Building Society and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Leeds Building Society 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 Leeds Building Society to deal with your lawyer's application to be on the Leeds Building Society conveyancing panel. There's no guarantee that your solicitor will be accepted.
Skipton have agreed my home loan in principle, my bid on a flat in Ramsbottom has been agreed to, what are the next steps?
The property agent will wish to be advised as to your solicitor's details (make sure the solicitors are on the lender’s approved list). Telephone Skipton or your financial adviser and complete any relevant forms. Skipton will appoint a valuer who will get in touch with the selling agent or seller to schedule a slot for the valuation to take place. Once conducted (assuming no problems) it takes approximately a fortnight to receive the mortgage offer. Skipton will issue the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Ramsbottom.
Me and my brother own a 4 bedroom Victorian property in Ramsbottom. Conveyancing lawyer acted for me and Santander. I did a free Land Registry search last week and there are two entries: the first freehold, the second leasehold under the matching property. I thought I was buying a freehold how can I check?
You need to read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Ramsbottom and other areas of 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 buyers. You can also check the situation with your conveyancing practitioner who conducted the conveyancing.
About to purchase a new build apartment in Ramsbottom. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Ramsbottom
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? There must be mutual enforceability of lessee’s covenants.
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At this site obtain a conveyancing costs illustration via a Solicitor or Licensed Conveyancer that has a full understanding of the issues of your conveyancing in Ramsbottom. Unlike many estate agents and brokerage sites we do not have kick-back deals with solicitors. Some agents and online brokers 'recommend' the firm that pays the highest commission, rather than the best value conveyancing in Ramsbottom