I can't travel far from Fenham. Can you please explain the reason why all Fenham solicitors are not on all bank panels?
A decade ago most mortgage companies demonstrated an approach to risk which differs from the current day. The FSA in 2010 carried out a thematic review into fraud which in summary warned lenders: know the conveyancing practitioners on your panel. Accordingly, mortgage companies have since soughtmore information from law firms about their operations and the individuals who work for 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 track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms found it impossible meet the minimum amount of transactions the lenders required.
Our Fenham conveyancer has uncovered a discrepancy between the information in the valuation report and what is in the legal papers for the property. My solicitor says that he is obliged to ensure that the bank is happy with this discrepancy and is content to go ahead. Is my lawyer’s course or action legitimate?
Your lawyer must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Is there a reason why leasehold purchase conveyancing in Fenham costs more?
The conveyancing fees on a leasehold property in Fenham is inevitably greater as compared to a freehold residence. This is because there is an amount of supplemental investigations required in communicating with the landlord and management company to collate the evidence concerning whether the rent and service charges have been cleared and whether there are any significant expenditure in the foreseeable future on repairs or maintenance of the block.
I am purchasing a property in Fenham. A rare aspect is that the roof has a solar panel. Nottingham have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Nottingham your lawyer must check the conveyancing instructions contained in Part two of UK Finance Lenders’ Handbook for Nottingham. The Council of Mortgage Lenders’ Handbook stipulates minimum requirements for solar panel roof-space leases, and conveyancing practitioners are required to report to Nottingham where a lease fails to comply with these specifications. The requirements relate to the installation of panels on properties in England and Wales and is not limited to Fenham.
I have decided to exercise my right to buy my property in Fenham off the council. I have a mortgage agreed with TSB. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use 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 TSB, you will need to appoint a solicitor on the TSB conveyancing panel.
About to purchase maisonette in Fenham. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Principality conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Fenham conveyancing practitioner is on the Principality conveyancing panel.
A colleague advised me that if I am buying in Fenham I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally quoted for as part of the standard Fenham conveyancing searches. It is a large document of about 40 pages, listing and detailing important information about Fenham around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Fenham Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Fenham Education with maps and statistics, Local Amenities and other useful information concerning Fenham.
Due to the input of my in-laws I had a survey completed on a property in Fenham before instructing solicitors. I have been informed that there is a flying freehold overhang to the property. Our surveyor advised that some banks may not issue a mortgage on such a property.
It varies from the lender to lender. HSBC has different requirements for example to Halifax. If you call us we can investigate further via 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 Fenham. Conveyancing may be slightly more expensive based on your lender's requirements.