I am in the process of selling my house in Cumbria and the estate agent has just called to advise that the buyers are swapping conveyancer. The reason given is that the mortgage company will only deal with property lawyers on their approved list. Why would a big named lender only deal with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Cumbria ?
UK lenders have always had panels of law firms they are willing to work with, but in the last few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lenders attribute this action to a rise in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any impact on this.
We are expecting a mortgage offer soon. The lender mentioned the home loan came with free conveyancing. Does this mean I have to appoint their panel conveyancer as I would much rather instruct a Cumbria based conveyancing firm?
You should check but the the likelihood is that allocate you one of their panel solicitors if you take up the "fee-free" incentive. Call the lender and check if they allow a cash alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case you could put that amount towards the cost for your conveyancing solicitor near Cumbria.
Can you point me to a directory of Nationwide panel conveyancers in Cumbria on the Council of Mortgage Lender’s Website?
No. There is no such tool on the CML or Building Society Association sites. Very few lending institutions make their panel listings viewable on the web. Where you are in need of a Cumbria property lawyer on the Nationwide please use our facility.
Last month we had a mortgage agreed in principle with Co-operative. Cumbria conveyancing lawyers have been instructed. How long does it take for Co-operative to send the offer to the solicitor?
Some lenders take longer than others. Have Co-operative done the valuation? Have you informed Co-operative as to your lawyers' details and checked that your lawyers are on the Co-operative conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
The mortgage over my property is with Bank of Ireland for my property in Cumbria. Conveyancing has been completed a year ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Bank of Ireland?
Bank of Ireland must be informed of your intention prior to letting out your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Bank of Ireland directly. It should not be necessary to do this via a Bank of Ireland conveyancing panel lawyer.
I have been on the look out for a ground for flat up to £245,000 and identified one close by in Cumbria I like with amenity areas and transport links nearby, the downside is that it's only got 52 years unexpired on the lease. I can't really find anything else in Cumbria for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you require a home loan that many years will be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
How do I use the search facility to locate a conveyancing solicitor in Cumbria on the authorised to act for my bank?
First choose a bank such as Yorkshire Building Society, Leeds Building Society or Platform Home Loans Ltd then specify your location such as Cumbria. Conveyancing organisations in Cumbria and across England and Wales should be listed.
Can you offer any advice when it comes to choosing a Cumbria conveyancing firm to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Cumbria conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you talk with two or three firms including non Cumbria conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be of use:
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If they are not ALEP accredited then what is the reason? How many lease extensions has the firm completed in Cumbria in the last year?
Cumbria Conveyancing for Leasehold Flats - Sample of Queries before Purchasing
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How much is the maintenance charge and ground rent on the property? How many of the leaseholders are in arrears for their service charge payments? Please note if it is fewer than eighty years it will have adverse implications on the value of the property. It is worth checking with your lender that they are content with the length of the lease. Leases with fewer than 80 years remaining means that you will most likely need a lease extension at some point and it is worth finding out how much this would cost. For most Cumbrialease extensions you will need to own the premises for two years in order to be entitled to extend the lease.