I can't travel far from Nelson. Can you please clarify why all Nelson conveyancers aren't automatically on all mortgage company panels?
Lenders tend to restrict either the type or volume of conveyancing solicitors on their panel. A common example of such criteria being that the firm is required to have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they permit to represent them. You should note that lenders have no accountability for the quality of service given by any Nelson lawyer on their approved list. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago notwithstanding that there are conflicting thoughts concerning the extent of solicitor involvement in some of that fraud. Statistics published by HMLR exposes that thousands of conveyancing firms only carry out one or two conveyances a year. Those vindicating conveyancing panel pruning question why law firms deserve the right to be on a bank panel when clearly property law is not their primary expertise?
All was ready to move into my new home in Nelson next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the lender. What risks does the lender expect the insurance to cover?
All property lawyers on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 conditions. These obligations are not specific to conveyancing in Nelson.
Can you explain why leasehold purchase conveyancing in Nelson costs more?
Nelson leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
The formalities of my remortgage has taken place for my property in Nelson. Conveyancing was a necessary evil but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
All banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Team at head office. Ordinarily complaints to a lender are sorted out very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
About to purchase house in Nelson. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Clydesdale 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 Nelson lawyer is on the Clydesdale conveyancing panel.
UBS have agreed my home loan in principle, my bid on a house in Nelson has been accepted, what happens next?
The property agent will need to know who your solicitors are (ensure that the solicitors are on the bank’s approved list). Contact UBS or the broker and complete any relevant paperwork. UBS will sellect a valuer who will get in contact with the estate agent or seller to arrange an appointment. Once conducted (assuming no problems) it takes approximately a fortnight for the mortgage offer to be issued. UBS will send the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Nelson.
I'm buying my first flat in Nelson with the aid of help to buy. The developers refused to move on the amount so I negotiated 6k of fixtures and fittings instead. The sale representative advised me not disclose to my solicitor about this side-deal as it would impact my loan with Accord Mortgages Ltd. Should I keep quiet?.
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.
I opted to have a survey done on a property in Nelson prior to instructing conveyancers. I have been informed that there is a flying freehold aspect to the house. Our surveyor has said that some banks will refuse to issue a mortgage on a flying freehold premises.
It varies from the lender to lender. Lloyds has different requirements from Birmingham Midshires. If you e-mail us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Nelson. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Nelson to see if the conveyancing will be more expensive.