Will my conveyancing lawyers need to check that the building insurance when buying a house in Aberaeron. My lender is Platform
Platform have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 9/7/2020, the requirements read as follows :
Is it correct that all Aberaeron CQS (Conveyancing Quality Scheme) solicitors are on the Aldermore conveyancing panel?
It is true that some banks and building societies now use CQS as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of firms.
I have today made my last payment due on my mortgage with UBS. I assume I don't need a Aberaeron conveyancer on the UBS panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your UBS 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 UBS mortgage from the register. UBS, 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 UBS has sent the Land Registry the discharge electronically, and
- UBS has instructed the Land Registry to do so
I can not work out if my lender requires a lease extension. I have called into my local Aberaeron bank branch on numerous occasions and was told it does not impact the mortgage offer and they would lend. My Aberaeron conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
As long as the solicitor is on the mortgage company approved list, she or he must adhere to the CML Handbook specifications for the lender. 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 bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
I'm purchasing a new build house in Aberaeron with a loan from Nottingham Building Society. The builders refused to reduce the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent advised me not to tell my solicitor about the extras as it would impact my loan with the lender. Do I keep my lawyer in the dark?.
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.
I decided to have a survey done on a house in Aberaeron prior to retaining conveyancers. I have been advised that there is a flying freehold aspect to the house. Our surveyor has said that some mortgage companies may refuse to grant a loan on this type of property.
It depends who your proposed lender is. Santander has different instructions for example to Birmingham Midshires. If you call us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Aberaeron. Conveyancing may be slightly more expensive based on your lender's requirements.
I have been told by numerous estate agents that it can take six to eight weeks for Aberaeron conveyancing to complete.This was a month ago. The paperwork was only forwarded from the vendors property lawyer last week so now does it countdown?
There is no conventional timeframe for conveyancing in Aberaeron, or any area in the UK. You simply have to make sure your finances are in order and in due course the rest will come to you eventually.