I am nearing exchange of contracts for my house in Millom and the estate agent has just e-mailed to advise that the buyers are appointing a new solicitor. The excuse is that the mortgage company will only work with solicitors on their approved list. On what basis would a big named lender only engage with certain lawyers rather the firm that they want to appoint for their conveyancing in Millom ?
Mortgage companies have always had panels of law firms they are content to work with, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies justify this action to a rise in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices 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 sway in the decision.
The Millom conveyancing firm handling our Millom conveyancing has identified a discrepancy between the assumptions in the valuation survey and what is in the title deeds. My solicitor has advised that he must ensure that the lender is happy with this discrepancy and is still content to lend. Is my lawyer’s approach appropriate?
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.
We are planning to acquire a property and require a conveyancing solicitor in Millom who is on the Bank of Ireland approved panel. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Bank of Ireland . We don't recommend any particular firms conducting conveyancing in Millom.
We have a mortgage agreed in principle with Aldermore. Millom conveyancing solicitors are selected. How long does it take for Aldermore to forward the offer to the conveyancer?
There is no definitive answer here. Have Aldermore conducted the valuation? Have you informed Aldermore as to your lawyers' details and checked that your lawyers are on the Aldermore conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
It is unclear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Millom building society branch on a couple of occasions and was told they are content with the situation and they would lend. My Millom conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they would not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Your conveyancing practitioner has to comply with the Council of Mortgage Lenders’ Handbook Part 2 specifications for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 remaining.
After what feels like an age I have had an offer on a flat in Millom accepted, but there is a chain. The owners have put an offer on somewhere, but it’s not yet tied up, and have viewings of other flats in the pipeline. I have selected a bricks and mortar conveyancing solicitor in Millom. What do I do now? At what stage should I apply for the mortgage with Clydesdale?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is in the region of £1k, then valuation, Millom conveyancing search charges, etc). The first course of action is to check that your conveyancing practitioner is on the Clydesdale approved list. Concerning the subsequent phase this very much depends on the specifics of your transaction, attraction to the property and on the state of the market. In a rising market some purchasers would apply for the mortgage with Clydesdale and pay for the valuation and only if it was satisfactory would they pay their lawyer to press on with searches.
I am looking for a flat up to £235,500 and found one close by in Millom I like with amenity areas and railway links nearby, however it's only got 51 remaining years left on the lease. I can't really find anything else in Millom for this price, so just wondered if I would be making a grave error buying a short lease?
If you need a mortgage that many years will be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least twenty four months you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
My cousin has suggested that I use his conveyancers in Millom. Should I choose my own conveyancer?
Much as we are happy to recommend a Millom conveyancing lawyer it’s preferable to select a conveyancing lawyer is to have referrals from friends or relatives who have previously instructed the conveyancer you're contemplating using.