We wanted to use a conveyancing solicitor in Melksham for our house purchase. Our broker informed us that our bank Virgin Money won't deal with them. Surely this is unduly restrictive?
Before the recession most lenders had a different appetite for risk. Almost all Melksham conveyancing firms would have been on most bank panels. The financial services regulator in 2010 conducted a thematic review into mortgage fraud which concluded: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies are increasingly seeing more information from law firms regarding their operations and the individuals who work for them as well as establishing certain criteria such a completing on a minimum amount of transactions. Many Melksham conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Melksham is amongst the many locations where the solicitors we recommend are are approved Virgin Money.
Are all Melksham Conveyancing Quality Solicitors on the Barclays conveyancing panel?
Some major lenders now utilise the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of firms.
Two weeks ago we had a mortgage agreed in principle with Santander. Melksham conveyancing practitioners have been appointed. How long does it take for Santander to send the offer to the property lawyer?
Some lenders take longer than others. Have Santander conducted the survey? Have you advised Santander as to your lawyers' details and checked that your lawyers are on the Santander conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
After what feels like an age I have had an offer on a flat in Melksham accepted, the owners do nevertheless have a tied purchase. The vendors have offered on a flat, however it’s not been accepted yet, and are looking at other flats in the pipeline. I have selected a bricks and mortar conveyancing solicitor in Melksham. What do I do now? At what stage should I apply for the mortgage with Lloyds?
It is normal to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey, Melksham conveyancing search charges, etc). First, you should ensure that your property lawyer is on the Lloyds conveyancing panel. As to the next stages this very much dictated by the circumstances of your transaction, attraction to the property and on the state of the market. In a buoyant market some purchasers would apply for a home loan with Lloyds and arrange for the valuation and only if it was satisfactory would they request their lawyer to press on with the conveyancing in Melksham.
Will commercial conveyancing searches disclose planned roadworks that could affect a commercial premises in Melksham?
Its becoming the norm that commercial conveyancing solicitors in Melksham will conduct a SiteSolutions Highways report as it reduces the time that conveyancers spend in researching accurate data on highways that impact buildings and development assets in Melksham. The report sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Melksham.
For every commercial conveyancing transaction in Melksham it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately may result in delays to Melksham commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not ordered for domestic conveyancing in Melksham.
I'm purchasing a new build house in Melksham with the aid of help to buy. The builders refused to move on the price so I negotiated 6k of extras instead. The house builders rep advised me not reveal to my conveyancer about the side-deal as it would adversely affect my loan with the lender. 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.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what was supposed to be a quick, chain free conveyancing. Melksham is the location of the property. Is there any guidance you can impart?
Flying freeholds in Melksham are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Melksham you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Melksham may decide 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.
Back In 2007, I bought a leasehold flat in Melksham. Conveyancing and Alliance & Leicester mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Melksham who acted for me is not around. Any advice?
First make enquiries of the Land Registry to be sure that this person is in fact the registered owner of the freehold reversion. You do not need to instruct a Melksham conveyancing firm to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I inherited a split level flat in Melksham, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar flats in Melksham with an extended lease are worth £165,000. The average or mid-range amount of ground rent is £50 yearly. The lease expires on 21st October 2103
You have 78 years remaining on your lease we estimate the price of your lease extension to span between £7,600 and £8,800 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.