I am getting a offer of a home loan from Nat West. My intention is to employ the services of a Licensed Conveyancer in Leicester. Does the Nat West Conveyancing panel allow for conveyancers regulated by the CLC?
The Nat West conveyancing panel is, like many other lenders, represented by the CML or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
We are buying a house and need a conveyancing solicitor in Leicester who is on the Santander conveyancing panel. Can you recommend a local firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Santander . We don't recommend any particular firms conducting conveyancing in Leicester.
I happen to be the single recipient of my late grandmother’s will with all property in now in my sole name, including the house in Leicester. The Leicester property was put into my name in September. I plan to dispose of the house. I understand that there is a CML six month 'rule', meaning my property ownership could be regarded the same way as though I had purchased the house in September. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be impacted by that. How practical a view banks take of it, depend on the lender as this requirement chiefly exists to capture the purchase and immediately sell or the flipping of property.
I can not fathom if my bank requires a lease extension. I have called my Leicester bank branch on various occasions and was told they are content with the situation and they will lend. My Leicester conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they will not lend based on their specific requirements. I simply don't know who is right.
As long as the lawyer is on the lender panel, they must follow the Council of Mortgage Lenders’ Handbook provisions for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
RBS have agreed my home loan in principle, my offer on a flat in Leicester has been accepted, now what?
The estate agent will want to know who your solicitors are (make sure the conveyancing practitioners are on the lender’s panel). Telephone RBS or the broker and complete any appropriate documentation. RBS will sellect a valuer who will get in contact with the selling agent or owners to schedule an appointment. Once carried out (assuming no problems) it takes on average ten days for the mortgage offer to be issued. RBS will issue the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Leicester.
Are there restrictive covenants that are commonly identified during conveyancing in Leicester?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Leicester. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am buying a new build house in Leicester with a loan from HSBC Bank. The sellers would not reduce the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative told me not inform my lawyer about this extras as it will jeopardize my mortgage with HSBC Bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Do I cancel the direct debit for my mortgage with Clydesdale as soon as a completion date for my sale in Leicester has been set?
No, you should continue paying any mortgage payments to Clydesdale until the mortgage is repaid from the proceeds of sale as part of your Leicester conveyancing.