I am not well enough to travel far from Sandbanks. I would like to know the reason why all Sandbanks lawyers aren't included on all lender panels?
Mortgage companies point to the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud every year.The elimination of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its conclusions included recommendations for lending institutions to review their conveyancing panels, which kicked off a major policy change in the sector. This led to mortgage companies removing less reputable firms off their panel of approved conveyancers .
My husband and I are approaching an exchange on a flat in Sandbanks and my parents have sent the exchange deposit to my solicitor. I am now informed that as the deposit has been sent from someone other than me my solicitor needs to make a notification to my lender. I am advised that, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I advised the lender about my parents' contribution when I applied for the home loan, so is it really appropriate for this now to delay the deal?
Your conveyancer is legally required to clarify with lender to ensure that they know that the balance of the purchase price is not from your own funds. The solicitor can only notify this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
We are getting the release of further funds on our home loan from Yorkshire BS as we wish to conduct renovations to our house in Sandbanks. Are we obliged to appoint a bricks and mortar Sandbanks solicitor on the Yorkshire BS conveyancing panel to deal with the legals?
Yorkshire BS don't usually appoint a member of their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Yorkshire BS conveyancing panel.
I am currently in the process of buying my council flat in Sandbanks. I have a mortgage offer with Principality. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Principality, you will need to appoint a solicitor on the Principality conveyancing panel.
I can not fathom if my mortgage offer requires a lease extension. I have called my Sandbanks bank branch on numerous occasions and was told it does not impact the mortgage offer and they will lend. My Sandbanks conveyancing solicitor - who is on the lender conveyancing panel- called to say that they will not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Provided that the property lawyer is on the lender approved list, she or he must adhere to the Council of Mortgage Lenders’ Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the lender 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 bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I require quick conveyancing in Sandbanks as I am under pressure to sign on the dotted line in less than one month. A home loan is not required. Is it possible to avoid the conveyancing searches to save fees and time?
If.Given you are are a mortgage free buyer you are at free not to have searches conducted although no lawyer would suggest that you don't. Drawing on our experience of conveyancing in Sandbanks the following are instances of what can crop up and adversely impact future mortgageability: Refused Planning Applications, Outstanding Charges, Overdue Grants, Unadopted Roads,...
Are there restrictive covenants that are commonly picked up during conveyancing in Sandbanks?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Sandbanks. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am looking for a flat up to £305k and identified one round the corner in Sandbanks I like with amenity areas and station nearby, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in Sandbanks suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a home loan the remaining unexpired lease term will likely be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.