Me and my fiance are hoping to purchase a 2 bedroom flat in Oadby with a mortgage. We have a Oadby conveyancer, however the bank advise she’s not on their "panel". We have to appoint one of the bank panel firms or keep our Oadby conveyancer as well as pay for one of their panel firms to act for them. We consider that this is unjust; can we not insist that the mortgage company use our Oadby conveyancing practitioner ?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Oadby conveyancing solicitor to apply to be on the conveyancing panel.
How up to date is your database of Oadby solicitors on the TSB conveyancing panel? Do TSB send you an updated list?
Oadby conveyancing firms themselves provide us confirmation that they are on the TSB conveyancing panel as opposed to being supplied with a list from TSB directly.
Is it the case that all Oadby CQS (Conveyancing Quality Scheme) solicitors are on the HSBC conveyancing panel?
Some major lenders now utilise the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of firms.
I have a mortgage with TSB for my property in Oadby. Conveyancing was finalised 12 months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform TSB?
You must advise TSB in advance of renting your property as this is likely to be a breach of TSB’s mortgage conditions. It may be that TSB will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact TSB directly. It should not be necessary to do this via a TSB conveyancing panel solicitor.
Intending to buy a house in Oadby. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Barclays 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 Oadby conveyancing practitioner is on the Barclays conveyancing panel.
I know that there are debates on Chancel Insurance on online forums. Do I need chancel insurance when buying a house in Oadby? or Apparently there is historic law that could mean that house owners residing in a parish church boundary may be liable to pay for maintenance to the chancel in proximity to the church. Is this appropriate for conveyancing in Oadby?
Unless a prior acquisition of the house took place post 12 October 2013 you can take it that lawyers delivering conveyancing in Oadby to continue to recommend a chancel search and or chancel repair liability policy.
It has been 4 months following my purchase conveyancing in Oadby took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Over the last few months I have been searching for a flat up to £245,000 and found one near me in Oadby I like with amenity areas and transport links in the vicinity, the downside is that it only has 61 years on the lease. I can't really find anything else in Oadby for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a home loan the remaining unexpired lease term will likely be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.