I am not in a position to travel far from Cullompton. Can you please clarify why all Cullompton lawyers aren't included on all mortgage company panels?
Before the recession most mortgage companies exhibited an attitude to risk which is different from today. The financial regulator in 2010 conducted a thematic review into fraud which in summary warned lenders: know the lawyers on your panel. As a result, banks have subsequently requiredmore information from law firms regarding their processes and the staff employed by them and set certain criteria such as completing a minimum number of transactions. Thousands of law practices have found themselves excluded 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 found it impossible satisfy the minimum volume of transactions the lenders set.
We were just about to exchange contracts for a ground floor flat in Cullompton. We encountered a problem. The loan offer with Britannia expires on 23/5/2025 but the vendors are suggesting a completion date of 28/5/2025. Is it possible to prolong the mortgage offer?
The best person to address this issue is your solicitors who is in a position to assess if he or she is better off negotiating with the lender, owner’s lawyers, selling agents or possibly all three taking into account what has happend in your house move as of today.
My relative advised me that if I am buying in Cullompton I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is sometimes included in the estimate for your Cullompton conveyancing searches. It is a large document of about 40 pages, listing and detailing significant information about Cullompton around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful data concerning Cullompton.
The estate agent has sent us the confirmation of our purchase of a new build flat in Cullompton. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Cullompton
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please supply a car parking plan. Please confirm the Lease plans are architect prepared. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
I decided to have a survey completed on a house in Cullompton prior to appointing conveyancers. I have been told that there is a flying freehold aspect to the house. The surveyor advised that some lenders may not give a mortgage on a flying freehold home.
It varies from the lender to lender. HSBC has different instructions for example to Birmingham Midshires. Should you wish to call us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Cullompton. Conveyancing may be slightly more expensive based on your lender's requirements.
Should I stop the direct debit for my mortgage with Aldermore once a completion date for my sale in Cullompton has been agreed?
No, you must keep paying any mortgage payments to Aldermore pending the mortgage being redeemed out of the proceeds of sale as part of your Cullompton conveyancing.