We wanted to use a conveyancing solicitor in Rossendale for our home move. Our broker has since notified us that our bank Virgin Money won't deal with them. Surely this is unduly restrictive?
A decade ago most banks had a different appetite for risk. Almost all Rossendale conveyancing firms would have been on many lender panels. The financial services regulator in 2010 carried out a thematic review into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more information from law firms relating to their operations and the individuals who work for them and set certain criteria such a completing on a minimum amount of transactions. Many Rossendale 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. Rossendale is one of the many locations where the lawyers we list are are approved Virgin Money.
We have a mortgage agreed in principle with Lloyds. Rossendale conveyancing solicitors have been selected. What is the average time that one could expect to receive a mortgage offer from Lloyds?
There is no definitive answer here. Have Lloyds conducted the survey? Have you advised Lloyds as to your lawyers' details and checked that your lawyers are on the Lloyds conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I have paid off my mortgage with RBS. I assume I don't need a Rossendale conveyancing practitioner on the RBS panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your RBS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the RBS mortgage from the register. RBS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where RBS has sent the Land Registry the discharge electronically, and
- RBS has instructed the Land Registry to do so
I was told two weeks ago that my mortgage has been agreed to by Kent Reliance. Is it usual for Kent Reliance to only issue the offer once my solicitor in Rossendale is approved on their conveyancing panel? Kent Reliance have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Kent Reliance to deal with your lawyer's application to be on the Kent Reliance conveyancing panel. There's no guarantee that your solicitor will be accepted.
I am purchasing a new build house in Rossendale with a loan from Clydesdale. The builders would not reduce the amount so I negotiated 6k of additionals instead. The estate agent suggested that I not inform my conveyancer about the deal as it will affect my loan with Clydesdale. 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.
I am looking for a flat up to £245,000 and found one near me in Rossendale I like with amenity areas and transport links nearby, the downside is that it's only got 49 years unexpired on the lease. I can't really find anything else in Rossendale in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for at least twenty four months you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.
We are 14 days into a residential purchase having been referred to a firm by the estate agent to carry out the conveyancing in Rossendale. We are not happy. Could you you assist me in finding new conveyancers?
A conveyancer would need to be very poor to suggest replacing them. Has the loan offer been issued? In the event that it has you will need to advise them of the new solicitor and get the mortgage documents are re-sent. The solicitor ideally needs to be on the banks panel to avoid added expenses and complications. So that should be your starting point. The search tool can help you find a bank approved conveyancer for your conveyancing in Rossendale
The conveyancers carrying out our conveyancing in Rossendale has sent papers to review that indicate that the land is unregistered with epitome documents. Surely all property in Rossendale are registered?
It is a rare occurrence indeed to find property in Rossendale not to be registered. An 'epitome' is basically a dossier of photocopies of documents affecting an unregistered title. Plenty of Rossendale conveyancing practitioners will be familiar with such matters but where uncertainty exists the standard advice nowadays is for the seller’s conveyancer to register the title first and then deal with the sale conveyance - this can though naturally cause a significant delay.