Will my conveyancing lawyers need to check that the building insurance when buying a house in Salford. My lender is Virgin
Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 9/10/2024, the requirements read as follows :
I'm in the throws of looking at houses in Salford and I am now considering a potential offer. Is it premature to have a solicitor in place? I will be getting a mortgage with Aldermore.
You should start obtaining conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on to the estate agent. Given that you are taking out a mortgage with Aldermore, make sure you remember to check that your lawyer is on the Aldermore conveyancing panel.
I recently had an offer agreed on a house in Salford. My mortgage broker pressured me to appoint their solicitor. I paid an on account payment of £175. Soon after, the lawyer called me sheepishly admitting that they were not on the RBS 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 RBS 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 Kent Reliance. Is it usual for Kent Reliance to only issue the offer once my solicitor in Salford is approved on their conveyancing panel? Kent Reliance have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue a mortgage 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.
I have been told that property searches are the number one cause of stalling in Salford house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of hindrances in the conveyancing process. Searches are not likely to feature in any slowing down conveyancing in Salford.
I'm purchasing my first flat in Salford with a mortgage from The Royal Bank of Scotland. The sellers refused to move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent told me not to tell my conveyancer about this extras as it would put at risk my loan with The Royal Bank of Scotland. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have been on the look out for a leasehold apartment up to £245,000 and identified one round the corner in Salford I like with a park and transport links in the vicinity, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in Salford for this price, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a mortgage the remaining unexpired lease term may be an issue. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
In my capacity as executor for the will of my father I am disposing of a house in Newport but I am based in Salford. My conveyancer (approximately 300 kilometers awayneeds me to execute a stat dec prior to completion. Can you recommend a conveyancing lawyer in Salford to attest and place their company stamp on the document?
Technically speaking you are not likely to need to have the documents witnessed by a conveyancing solicitor. Ordinarily any notary public or solicitor will be fine regardless of whether they are based in Salford