I am expecting a offer of a home loan from Santander. I intend to use a Licensed Conveyancer in Bude. Does the Santander Conveyancing panel include conveyancers regulated by the CLC?
The Santander conveyancing panel is, like many other lenders, associated to the CML or BSA, open to Licensed Conveyancers regulated by the CLC.
We wanted to use a conveyancing solicitor in Bude for our house move. Our financial adviser informed us that our mortgage company Bank of Ireland won't deal with them. Why is this not regarded as unduly restrictive?
Pre- 2008 most banks had an appetite for risk which was higher than today. Almost all Bude conveyancing firms would have been on many lender panels. The financial services regulator in 2010 carried out a thematic investigation into mortgage fraud which concluded: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more information from law firms about their operations and their employees as well as set certain criteria such a completing on a minimum amount of conveyancing. Many Bude conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Bude is amongst the many areas where the lawyers we recommend are on the panel for Bank of Ireland.
I have decided to exercise my right to buy my property in Bude off the council. I have a mortgage offer with Bank of Ireland. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Bank of Ireland, you will need to appoint a solicitor on the Bank of Ireland conveyancing panel.
I recently had an offer accepted on an apartment in Bude. My mortgage broker suggested a conveyancing practitioner. I paid an on account payment of £175. Shortly after, the conveyancing practitioner called me to say that they were not on the Skipton 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 Skipton 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 three weeks ago that my mortgage has been agreed to by Virgin Money. Is it usual for Virgin Money to only issue the offer once my solicitor in Bude is approved on their conveyancing panel? Virgin Money have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Virgin Money to deal with your lawyer's application to be on the Virgin Money conveyancing panel. There's no guarantee that your solicitor will be accepted.
I am buying a new build apartment in Bude. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Bude
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Please supply a car parking plan. There must be mutual enforceability of lessee’s covenants. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
We're novice buyers - had an offer accepted, but the property agent has warned us that the seller will only move forward if we instruct the agent's chosen conveyancers as they want an ‘expedited deal’. My instinct tells me that we should use a local conveyancer accustomed to conveyancing in Bude
We suspect that the owner is not behind this demand. If they want ‘a quick sale', alienating a serious buyer is likely to cause more damage than good. Avoid the agents and go straight to the sellers and explain that (a)you are genuine purchasers (b)you are excited to move forward, with finances arranged © you are unencumbered (d) you intend to proceed fast (e)however you will continue to instruct your preferred Bude conveyancing firm - rather thanthe ones that will earn the estate agent a kickback or achieve conveyancing targets demanded by HQ.
My mortgage broker has suggested using their lawyer for the conveyancing in Bude - Is it not simpler better to just instruct them?
It is not always the case and you are entitled to use whichever property lawyer of your choosing for your Bude conveyancing. The conveyancer recommended by a 3rd party adviser may not always be the right property lawyer, they may recommend their preferred conveyancing firm who are based far away. In this instance you may not have contact with your conveyancer and due to the lack of continuity in the transaction, it may be difficult to obtain progress reports.