I can't travel far from Beaminster. What is the rationale as to why all Beaminster conveyancers aren't automatically on all mortgage company panels?
Before the recession most mortgage companies exhibited an attitude to risk which differs from the current day. The financial regulator in 2010 conducted a thematic review into property fraud which concluded: know the conveyancers on your panel. As a result, banks have subsequently soughtmore information from law firms about their processes and the individuals employed by them and set certain criteria such as completing a minimum amount of transactions. Hundreds of firms have found themselves removed from lender panels even though they had 100% healthy disciplinary record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the criteria of volume of transactions the mortgage companies set.
We're in Beaminster, FTBs buying with a mortgage (lender is Barclays , and our solicitor is on the Barclays conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Barclays conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I'm purchasing my first flat in Beaminster benefiting from help to buy. The sellers would not reduce the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent suggested that I not to tell my lawyer about this deal as it will jeopardize my loan with the bank. Should I keep quiet?.
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.
Yesterday I discovered that there is a flying freehold element on a house I have offered on last month in what should have been a quick, no chain conveyancing. Beaminster is where the house is located. What do you suggest?
Flying freeholds in Beaminster are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Beaminster you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Beaminster may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I'm converting the mortgage on my existing property to a buy to let mortgage with Barclays and intend to use the remaining equity as a deposit on a second house. The area we are looking at is Beaminster. Will your solicitors be able to act for both sets of lenders and link together the conveyances?
Make use of our search tool on this site to check that the lawyers are on the appropriate lender panels. Assuming that they are your lawyer should be able to connect the two conveyancing matters but you should talk with you solicitor and communicate your desired outcome and needs.
My conveyancers in Beaminster have advised me that no longer have my conveyancing file. To assist with my purchase I took out a mortgage with the lender. Is it case that being on the bank conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the bank Conveyancing Panel Terms. It might be worth you contacting the bank directly.