We are purchasing a 1 bedroom flat in Allestree with a mortgage. We like our Allestree conveyancer, however the bank advise she’s not on their "panel". It appears that we have little choice but to use one of the bank panel firms or retain our Allestree solicitor and pay for one of their panel ones to represent them. We feel that this is inequitable; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms 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 Allestree conveyancing solicitor to apply to be on the conveyancing panel.
Are all Allestree Conveyancing Quality Solicitors on the Bank of Ireland conveyancing panel?
A selection of banks and building societies now use CQS as the starting point for Panel membership such as HSBC and Santander. CQS accreditation however gives 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.
We have a mortgage agreed in principle with Virgin Money. Allestree conveyancing practitioners are selected. What is the average time that one could expect to receive a mortgage offer from Virgin Money?
Some lenders take longer than others. Have Virgin Money done the survey? Have you informed Virgin Money as to your lawyers' details and checked that your lawyers are on the Virgin Money conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I have a mortgage with Virgin Money for my property in Allestree. Conveyancing has been completed some time ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Virgin Money?
You must advise Virgin Money in advance of letting out your property as this is likely to be a breach of Virgin Money’s mortgage conditions. It may be that Virgin Money 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 Virgin Money directly. It should not be necessary to do this via a Virgin Money conveyancing panel firm.
I am close to exchanging contracts on the sale of our home in Allestree and the buyers lawyers are claiming that there is a possibility that the property was built land that was not decontaminated. A high street Allestree lawyer would know this is not the case. It does beg the question why the buyers used a national conveyancing firm rather than a conveyancing solicitor in Allestree. Having lived in Allestree for three years we know of no issue. Should we get in touch with our local Authority to get confirmation that there is no issue.
It sounds as though you may have a conveyancing solicitor already. What do they say? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
Are there restrictive covenants that are commonly picked up during conveyancing in Allestree?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Allestree. 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…’
Do I need to be concerned about estate agents that I am dealing with are encouraging me to use a nationwide conveyancing firm as opposed to a High Street Allestree conveyancing practice?
As is the case with lots of service providers, often suggestions from family and friends can be extremely useful or valuable. But there are many people with a vested interest in a conveyancing deal; estate agents, mortgage brokers and banks may recommend conveyancers to choose. Sometimes these conveyancers might be known to one of the organisations as experts in their field, but sometimes there behind the scenes financial incentive behind the recommendation. You have the right to choose your own conveyancer. You need to be aware that most lenders have an approved list of solicitors you must use for the mortgage aspect of your house move.