My fiance and I intend to purchase a 3 bedroom flat in Frenchay with a homeloan from Birmingham Midshires.We like our Frenchay conveyancing lawyer but Birmingham Midshires says his firm is not listed on their "panel". We have to appoint a Birmingham Midshires panel lawyer or keep our high street solicitor and fork out for a Birmingham Midshires panel lawyer to represent them. We feel as though this is unjust; Can we not simply insist that Birmingham Midshires use our lawyer?
Unfortunately,no. The loan offered to you is subject to its various provisions, a common one being that conveyancers must be on the Birmingham Midshires conveyancing panel. Until recently, most mortgage companies had large numbers of law firms on their panels: a borrower could find 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. A further alternative is for your lawyer to apply to be on the conveyancing panel for Birmingham Midshires
The mortgage over my property is with Lloyds for my property in Frenchay. Conveyancing was finalised some time ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Lloyds?
Your original mortgage agreement with Lloyds will provide that you need their approval before letting out your property as this is likely to be a breach of Lloyds’s mortgage conditions. In many cases banks or building societies 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 Lloyds directly. You need not do this via a Lloyds conveyancing panel lawyer.
I can not fathom if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Frenchay building society branch on numerous occasions and was told it does not affect the mortgage offer and they will lend. My Frenchay conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they would not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Your solicitor must follow the Council of Mortgage Lenders’ Handbook section two requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the bank 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 lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am due to exchange contracts on my apartment. I had a double glazing fitted in March 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Principality are being a right pain. The Frenchay solicitor who is on the Principality conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Principality are insisting on a building regulation certificate. Why do Principality have a conveyancing panel if they don't accept advice from them?
It is probably the case that Principality have referred the matter to their valuer. The reason why Principality 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.
Despite weeks of looking the Title Certificate and documents to our home can not be found. The lawyers who did the conveyancing in Frenchay 4 years ago are no longer around. What do I do?
These day there are copies made of almost everything, and your solicitor should be aware precisely where to find all the appropriate documentation so you can buy or dispose of your house without a hitch. Where copies can’t be located, your lawyer can arrange cover in the form of insurance or indemnities against future claims on your premises.
Over the last few months I have been searching for a ground for flat up to £195,000 and identified one near me in Frenchay I like with amenity areas and station nearby, the downside is that it's only got 52 years on the lease. I can't really find anything else in Frenchay suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a home loan the remaining unexpired lease term may be problematic. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years 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 with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
I am using a search engine for the words on line conveyancing in Frenchay it reveals numerous solicitorsin the area. With so much choice what is the best way to find the suitable solicitor for the sale of my house?
The preferential method of choosing the right conveyancer is through a trusted referral, so ask friends and relatives who have bought a property in Frenchay or a reputable estate agent or financial adviser. Charges for conveyancing in Frenchay differ, so it's a good idea to request a minimum of four quotes from different companies. Dont forget to clarify that the costs are guaranteed not to escalate.