I am in the process of selling my house in Framlingham and the EA has just telephoned to advise that the purchasers are changing their property lawyer. The reason given is that the bank will only engage with solicitors on their approved list. On what basis would a leading mortgage company only engage with certain solicitors rather the firm that they want to choose for their conveyancing in Framlingham ?
UK lenders have always had panels of law firms that can represent them, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lending institutions blame a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to maintain. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms are unaware that 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 unlikely to have any impact on this.
I do hope you can assist me. My Framlingham conveyancer is advising me that he has toorder Framlingham conveyancing searches becausethe firm are on the Santandersolicitor panel. Is my solicitor correct?
Unfortunately both you and your lawyer have little choice here. As you are obtaining a home loan with a lender your conveyancer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to follow the Council of Mortgage Lenders’ Handbook specifications . Even if you were a cash buyer you would be ill advised not to carry out Framlingham conveyancing searches.
We had selected conveyancing lawyers located in Framlingham on the RBS solicitor approved list. They have just invoiced me a further charge for dealing with the RBS mortgage. Is this an additional conveyancing fee set by RBS?
As unfair as it may appear, as long as it’s in their Terms of Engagement or Quote then yes your solicitor can levy a fee for this. The charge is not set by RBS but by your Framlingham solicitor. Plenty of firms on the RBS panel will levy an ‘acting for lender’ fee but plenty of practices include it on their overall fee.
Last month we had a mortgage agreed in principle with UBS. Framlingham conveyancing solicitors have been chosen. How long does it take for UBS to issue the offer to the conveyancer?
Some lenders take longer than others. Have UBS completed the valuation? Have you informed UBS as to your lawyers' details and checked that your lawyers are on the UBS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I am expecting a DIP from Nationwide this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Nationwide recommend any Framlingham solicitors on the Nationwide conveyancing panel, or is it better to go independently?
You will need to appoint Framlingham solicitors independently although you'll need to choose one on the Nationwide conveyancing panel. The solicitor represents both you and Nationwide through the process.
I'm purchasing a new build house in Framlingham with a mortgage from Bank of Scotland. The sellers refused to reduce the amount so I negotiated 6k of fixtures and fittings instead. The estate agent told me not reveal to my conveyancer about the deal as it may impact my mortgage with Bank of Scotland. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in last month in what was supposed to be a quick, no chain conveyancing. Framlingham is the location of the property. Can you shed any light on this issue?
Flying freeholds in Framlingham are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Framlingham you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Framlingham may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I am on look out for some leasehold conveyancing in Framlingham. Before diving in I would like to find out the remaining lease term.
Assuming the lease is registered - and 99.9% are in Framlingham - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I inherited a garden flat in Framlingham, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Framlingham with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 yearly. The lease comes to an end on 21st October 2077
With 52 years remaining on your lease we estimate the premium for your lease extension to range between £29,500 and £34,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.