Unfortunately I am unable to travel far from Yate. Is there a reason why all Yate lawyers are not on all mortgage company panels?
A decade ago most banks displayed an attitude to risk which is different than today. The FSA in 2010 instigated a thematic review into property fraud which concluded: know the conveyancing practitioners on your panel. Accordingly, banks have subsequently looked to extract more information from law firms about their operations and the staff who work for them and set certain criteria such as completing a minimum volume of transactions. Thousands of firms have found themselves removed from lender panels even though they had an exemplary disciplinary record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms were never going to satisfy the minimum volume of transactions the mortgage companies set.
Our lawyer has identified a a legal deficiency with the lease for the property we are buying in Yate. The seller’s lawyers have offered title insurance as a workaround. We are content with insurance and will pay for it. Our solicitor says that he must check that the lender is content with this solution. Are we the client or is the mortgage company ?
Even though you have a mortgage offer from the mortgage company does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the bank are the client. The appropriate lender conditions must be adhered to.
Are the Yate conveyancing solicitors identified as being on the Santander conveyancing panel, together with their details provided by Santander?
Yate conveyancing firms themselves provide us confirmation that they are on the Santander conveyancing panel as opposed to being supplied with a list from Santander directly.
My aunt passed away 10 months ago and as sole heir and executor I was left the property in Yate. The house had a relatively small loan left on it of around £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Virgin Money, pay off the mortgage. Is this allowed?
Given you plan to re-mortgage then Virgin Money will require that you use a conveyancer on the Virgin Money conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Virgin Money conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Virgin Money mortgage is registered as a charge at the Land Registry.
Is it necessary to pay for insurance to address the risk of chancel repairs when buying a residence in Yate?
Unless a previous acquisition of the house took place post 12 October 2013 you can expect solicitors carrying out conveyancing in Yate to continue to recommend a chancel search and or insurance against a claim.
I'm purchasing a new build house in Yate benefiting from help to buy. The developers refused to reduce the price so I negotiated 6k of fixtures and fittings instead. The house builders rep advised me not to tell my solicitor about this side-deal as it could jeopardize my mortgage with Bank of Scotland. Is this normal?.
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.