we are a couple who are hoping to buy a newbuild apartment in Bourne with a loan from Nationwide Building Society.We use our Bourne conveyancing solicitor but Nationwide Building Society says her practice is not on their approved list of firms. It seems we are left with little choice but to instruct a Nationwide Building Society panel solicitor or retain our preferred solicitor and fork out for one of their panel ones to act for them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The mortgage offered to you contains terms and conditions, a common one being that lawyers needs to be on the Nationwide Building Society conveyancing panel. Until recently, most banks had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Nationwide Building Society
I am helping my aunt sell her property in Bourne. Will the solicitor commission an energy performance certificate or should I organise this?
After the demise of Home Information Packs, EPC’s was left as a required part of selling a house. An EPC must be to hand in advance of the property being put on the market. It is not a task that law firms normally organise. If you are using a Bourne conveyancing practitioner they might help arrange EPC’s given their relationships with long established local energy assessors
I'm the single beneficiary of my late father’s estate and I have everything in my name now, including the house in Bourne. Conveyancing formalities meant that the Land Registry date was in October. I now wish to sell up. I understand that there is a Mortgage Lenders six month 'rule', which means that my property ownership could be considered the same way as if I'd bought the property in October. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. Some lenders would take a practical view as this provision principally exists to identify the purchase and immediately sell or the wholesaling and assigning of properties.
I am selling my flat. I had a double glazing fitted in May 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Virgin Money are being pedantic. The Bourne solicitor who is on the Virgin Money conveyancing panel is saying indemnity insurance will be fine but Virgin Money are requiring a building regulation certificate. Why do Virgin Money have a conveyancing panel if they don't accept advice from them?
It is probably the case that Virgin Money have referred the matter to their valuer. The reason why Virgin Money may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Have purchased a a detached house in Bourne , how long should it take for the Land Registry to deal with the formalities evidencing my ownership? My Bourne conveyancing solicitor works at snail pace, so I want to check that my ownership is registered.
As far as conveyancing in Bourne is concerned, registration is no quicker or slower than anywhere else in the country. As opposed to being determined by geographic area, timescales can vary depending on the party submitting the application, whether it is in order and whether the Land registry communicate with any 3rd parties. At present in the region of three quarters of submission are completed in less than three weeks but occasionally there can be extensive hold-ups. Historically registration takes place after the buyer is living at the property therefore registration formalities is not typically primary concern but if it is urgent that the the registration takes place urgently then you or your solicitor must communicate with the Registry to express the reasoning for an expedited registration.
I'm purchasing my first flat in Bourne with a mortgage from Nationwide Building Society. The developers refused to reduce the price so I negotiated 6k of extras instead. The house builders rep advised me not to tell my solicitor about this deal as it would jeopardize my mortgage with Nationwide Building Society. 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.
What tools are available to search for a Bourne law firm on the Aldermore conveyancing panel? I drive a motor bike and am happy to travel upto 10miles to meet the solicitor.
Feel free to make use of the tool on this page. Please pick a mortgage company and your location and you will see a number of Bourne conveyancing lawyers based on proximity. We have detailed some Bourne conveyancing firms towards the end of this page and you can telephone them to see if they are on the Aldermore approved list
My step-son is just in the process of moving home, he had his mortgage in principle. One the seller agreed the offer on the apartment we telephoned the mortgage institution to move forward with his. I was very surprised to discover that banks do not accept all solicitor, they need to be on their approved list, is this correct?
Mortgage Companies ordinarily imposes restrictions either the type or the number of conveyancing firms on their approved list of lawyers. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Bourne solicitor on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Presumably not.