My fiance and I are intent on purchasing a leasehold flat in Wootton. My property lawyer is not listed on the lender approved panel. Is it possible for me to appoint my Wootton conveyancing solicitor even though they are not on the lender list of approved lawyers?
Various options include
- Carry on with your preferred Wootton conveyancer but your lender will undoubtedly appoint a conveyancer on their approved list. The net result is additional cost together with potential delay.
- Get a fresh conveyancer to conduct the conveyancing, obviously checking they are on the bank conveyancing panel.
- Appeal to your conveyancing practitioner to seek to join the mortgage company panel
We note that you have a post code search directory listing solicitors on the Nationwide conveyancing panel. Do companies pay you a commission if I instruct them for our conveyancing in Wootton?
We are a listing service only for law firms wishing to communicate if they are on the Nationwide conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Wootton.
I'm the only beneficiary of my late mum's estate with all property in now in my sole name, including the house in Wootton. The Wootton property was put into my name in April. I want to move. I understand that there is a CML 6 month 'rule', which means that my property ownership may be treated the same way as if I'd bought the house in April. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be caught by that. Most mortgage companies would take a pragmatic view as this provision chiefly exists to pick up on the purchase and immediately sell or the quick reselling of properties.
I currently have a mortgage with Nottingham for my property in Wootton. Conveyancing was finalised months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Nottingham?
You must advise Nottingham prior to renting your property as this is likely to be a breach of Nottingham’s mortgage conditions. It may be that Nottingham will allow you to rent 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 firm.
I can not fathom if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Wootton bank branch on numerous occasions and was told it wasn't a problem and they would lend. My Wootton conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they refuse to lend in accordance with their specific requirements. Who do I believe?
Your solicitor must follow the CML Handbook Part 2 provisions for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
How does conveyancing in Wootton differ for new build properties?
Most buyers of new build residence in Wootton approach us having been asked by the builder to sign contracts and commit to the purchase even before the house is finished. This is because new home sellers in Wootton usually purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Wootton or who has acted in the same development.
I have been on the look out for a ground for flat up to £235,500 and identified one close by in Wootton I like with amenity areas and railway links in the vicinity, the downside is that it only has 52 years on the lease. I can't really find anything else in Wootton suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a mortgage the shortness of the lease may be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
My solicitors in Wootton have advised me that no longer have my conveyancing file. At the time of my purchase I took out a mortgage with the bank. Is it case that being on the lender conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the lender Conveyancing Panel Terms. It might be worth you contacting the bank directly.