we are a couple who are purchasing a purpose built apartment in Waterhouses with a homeloan from Accord Mortgages Ltd.We have a Waterhouses conveyancing lawyer but Accord Mortgages Ltd says her practice is not listed on their approved list of firms. It seems we have no choice but to instruct a Accord Mortgages Ltd panel firm or retain our local solicitor and fork out for a Accord Mortgages Ltd panel lawyer to represent them. We feel as though this is unjust; Can we not simply insist that Accord Mortgages Ltd use our lawyer?
No, not really. The mortgage offered to you is subject to its various provisions, one of which will be that lawyers will be on the Accord Mortgages Ltd approved list. Until recently, most banks had large numbers of solicitors 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 solicitors to apply to be on the conveyancing panel for Accord Mortgages Ltd
Can you point me to a directory of Leeds Building Society panel conveyancers in Waterhouses on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such facility on the Council of Mortgage Lenders or Building Society Association websites. A small selection of lenders make their panel listings open the public over the internet. If you are looking for a Waterhouses property lawyer on the Leeds Building Society please make the most of our tool.
The mortgage over my property is with Nottingham for my property in Waterhouses. Conveyancing was finalised some time ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Nottingham?
Nottingham must be informed of your intention before renting your property as this is likely to be a breach of Nottingham’s mortgage conditions. In many cases banks or building societies 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 Nottingham directly. You need not do this via a Nottingham conveyancing panel lawyer.
I am due to exchange contracts on my flat. I had a double glazing fitted in February 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, HSBC are being a right pain. The Waterhouses solicitor who is on the HSBC conveyancing panel is saying indemnity insurance will be fine but HSBC are insisting on a building regulation certificate. Why do HSBC have a conveyancing panel if they don't accept advice from them?
It is probably the case that HSBC have referred the matter to their valuer. The reason why HSBC 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.
Will my solicitor be raising questions concerning flooding as part of the conveyancing in Waterhouses.
Flooding is a growing risk for solicitors dealing with homes in Waterhouses. Plenty of people will acquire a house in Waterhouses, completely aware that at some time, it may be flooded. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or sell the property. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Lawyers are not best placed to offer advice on flood risk, however there are a numerous checks that may be undertaken by the purchaser or on a buyer’s behalf which can figure out the risks in Waterhouses. The conventional set of completed inquiry forms given to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the owner to find out if the property has suffered from flooding. If the property has been flooded in past and is not disclosed by the vendor, then a buyer may bring a compensation claim resulting from an incorrect reply. A purchaser’s conveyancers should also carry out an enviro report. This should disclose whether there is any known flood risk. If so, more detailed inquiries will need to be conducted.
The estate agent has sent us the confirmation of our purchase of a new build flat in Waterhouses. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Waterhouses
-
Please supply a car parking plan. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I have been on the look out for a ground for flat up to £195,000 and identified one round the corner in Waterhouses I like with amenity areas and transport links in the vicinity, the downside is that it's only got 49 years on the lease. There is not much else in Waterhouses suitable, so just wondered if I would be making a mistake acquiring a short lease?
If you require a mortgage the remaining unexpired lease term will likely be an issue. Reduce the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of twenty four months you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
I am a couple of weeks into a residential purchase having been directed to solicitors by the local agent to handle our conveyancing in Waterhouses. I am am very dissatisfied with the quality of service. Could you help me find new solicitors?
They would have to be very poor in order to consider replacing them. Has the loan offer been sent? If so you need to inform them of the new contact details and have the mortgage documents are re-sent. Your new solicitor ideally should be on the banks panel to avoid added expenses and complications. That should be your starting point. Our search tool can assist you in finding a lender approved solicitor for your home move in Waterhouses