My wife and I are planning to purchase a property in Tenterden and are in fact using a Tenterden conveyancing firm. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Barnsley Building Society have this evening contacted us to inform me that there is now an issue as our Tenterden solicitor is not on their conveyancing panel. What do we do from here?
If you are buying a property requiring a mortgage it is standard for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Tenterden lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
Do banks and building societies provide you with an approved list of Tenterden conveyancing solicitors? How do you know who is on the TSB conveyancing panel?
Tenterden conveyancing firms themselves provide us confirmation that they are on the TSB conveyancing panel as opposed to being supplied with a list from TSB directly.
My wife and I purchasing a 3 bedroom semi in Tenterden. Our aim is to carry out an extension to the side at the property.Will the conveyancing process include enquiries to see if these alterations were previously refused?
Your property lawyer should check the deeds as conveyancing in Tenterden will sometimes reveal restrictions in the title documents which restrict certain changes or need the consent of another owner. Some works call for local authority planning permissions and approval under the building regulations. Certain areas are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. You should check these things with a surveyor ahead of any purchase.
I am expecting a DIP from RBS this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do RBS recommend any Tenterden solicitors on the RBS conveyancing panel, or is it better to go independently?
You will need to appoint Tenterden solicitors independently although you'll need to choose one on the RBS conveyancing panel. The solicitor represents both you and RBS through the process.
I have today made my last payment due on my mortgage with Bank of Ireland. I assume I don't need a Tenterden solicitor on the Bank of Ireland panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Bank of Ireland 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 Bank of Ireland mortgage from the register. Bank of Ireland, 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 Bank of Ireland has sent the Land Registry the discharge electronically, and
- Bank of Ireland has instructed the Land Registry to do so
I am buying a property and the conveyancer has mentioned Chancel Repair to which the property may be liable given it’s proximity to the area of such a church. She has recommended insurance. Is this really necessary for conveyancing in Tenterden
Unless a prior acquisition of the property completed after 12 October 2013 you may expect solicitors carrying out conveyancing in Tenterden to continue to suggest a chancel search and or insurance against a claim.
I am purchasing my first flat in Tenterden with a mortgage from Virgin Money. The sellers refused to move on the amount so I negotiated £7000 of fixtures and fittings instead. The estate agent advised me not to tell my conveyancer about this deal as it will impact my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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 am looking for a flat up to £305k and identified one round the corner in Tenterden I like with a park and station nearby, the downside is that it only has 61 remaining years left on the lease. There is not much else in Tenterden suitable, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a home loan that many years will be a potential deal breaker. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.