My partner and I are planning to purchase a home in Rusholme and are in fact using a Rusholme conveyancing practice. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Godiva Mortgages Ltd have this afternoon contacted us to advise us that they have now hit a problem as our Rusholme solicitor is not on their approved list of lawyers. What do we do from here?
When purchasing a property with mortgage finance it is usual for the purchasers' lawyers to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Rusholme lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
I am under pressure from the executor of a property in Rusholme to complete within four weeks. What can I do to speed up matters?
First, If you are under time constraints for your conveyancing it is highly recommended that your solicitor is familiar with the location as they will benefit local contacts and insight. It is even conceivable that they may have transacted previousproperties in the same road. Therefore consider using a Rusholme conveyancing firm. In addition, make sure that the lawyer is on the on the approved list for your mortgage company. It is understood that just under twenty per cent of Rusholme conveyancing transactions are suspended or jeopardised after finding out that a buyer’s lawyer was not on their banks member panel. In many cases this discovery resulted in the legal process being delayed by as much as 21 days. It is claimed that this issue impacts approximately one hundred thousand home moves annually. Almost all Rusholme conveyancing firms can not represent certain lenders so do check as early as possible.
We have agreed to purchase a house in Rusholme. A rare aspect is that the roof has a solar panel. Santander have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Santander your lawyer must follow the conveyancing requirements contained in Section two of UK Finance Lenders’ Handbook for Santander. The Council of Mortgage Lenders’ Handbook sets out minimum requirements for solar panel roof-space leases, and conveyancers are required to report to Santander where a lease does not comply with these conditions. The provisions relate to the installation of panels on properties in England and Wales and is not restricted to Rusholme.
I have today made my last payment due on my mortgage with Bank of Ireland. I assume I don't need a Rusholme lawyer on the Bank of Ireland panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Bank of Ireland 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 Bank of Ireland mortgage from the register. Bank of Ireland, 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 Bank of Ireland has sent the Land Registry the discharge electronically, and
- Bank of Ireland has instructed the Land Registry to do so
I am due to exchange contracts on my house. I had a double glazing fitted in October 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Leeds Building Society are being a right pain. The Rusholme solicitor who is on the Leeds Building Society conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Leeds Building Society are requiring a building regulation certificate. Why do Leeds Building Society have a conveyancing panel if they don't accept advice from them?
It is probably the case that Leeds Building Society have referred the matter to their valuer. The reason why Leeds Building Society may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I'm purchasing my first flat in Rusholme benefiting from help to buy. The sellers would not budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent advised me not reveal to my lawyer about this side-deal as it would adversely affect my mortgage with the lender. 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.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in a fortnight ago in what should have been a straight forward, chain free conveyancing. Rusholme is where the house is located. Is there any guidance you can give?
Flying freeholds in Rusholme are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Rusholme you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Rusholme may ascertain 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 premises.
I am a sole trader planning to take over a lease of an office on the high street. Can you recommend lawyers offering no-move-no charges for non-domestic conveyancing in Rusholme for below 1500k?
We are happy to recommend firms who have well rounded knowledge of commercial conveyancing in Rusholme, including the sale and purchase of businesses as well as simply property. Whether you are hoping to purchase or dispose of a shop, pub, restaurant, office, retail premises or a complete business we will put you in touch with the right solicitor. Regarding the fees these will vary based on the structure and nuances of the deal. Please provide us with your contact information or call so as to enable us to supply you with a detailed commercial conveyancing quote.