We wanted to use a property lawyer in Barrow In Furness for our home move. Our financial adviser informed us that our mortgage lenders Nottingham Building Society won't deal with them. Why is this not regarded as unfair competition?
A decade ago most lenders had a different appetite for risk. Almost all Barrow In Furness conveyancing firms would have been on many mortgage company panels. The Financial Services Authority in 2010 completed a thematic investigation into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more information from law firms concerning their operations and the individuals who work for them and establishing certain criteria such a completing on a minimum amount of conveyancing. Many Barrow In Furness conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Barrow In Furness is one of the thousands of areas where the lawyers showing on our search results are are authorised to act for Nottingham Building Society.
My stepmother informed me that in purchasing a property in Barrow In Furness there could be various restrictions limiting what one can do in terms of external changes to the property. Is this right?
There are a number of properties in Barrow In Furness which have some sort of restriction or requirement of consent to perform external changes. Part of the conveyancing in Barrow In Furness should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We expect to receive a AIP from TSB this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do TSB recommend any Barrow In Furness solicitors on the TSB conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Barrow In Furness solicitors independently although you'll need to choose one on the TSB conveyancing panel. The solicitor represents both you and TSB through the process.
I have today made my last payment due on my mortgage with RBS. I assume I don't need a Barrow In Furness solicitor on the RBS panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your RBS 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 RBS mortgage from the register. RBS, 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 RBS has sent the Land Registry the discharge electronically, and
- RBS has instructed the Land Registry to do so
Should my conveyancer be raising enquiries regarding flooding as part of the conveyancing in Barrow In Furness.
The risk of flooding is if increasing concern for lawyers carrying out conveyancing in Barrow In Furness. Some people will acquire a property in Barrow In Furness, completely expectant that at some time, it may be flooded. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the premises. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Conveyancers are not best placed to impart advice on flood risk, but there are a various searches that may be initiated by the buyer or by their solicitors which should figure out the risks in Barrow In Furness. The conventional set of completed inquiry forms given to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) includes a usual question of the seller to discover if the premises has historically flooded. If the premises has been flooded in past which is not revealed by the vendor, then a buyer may issue a legal claim for losses resulting from an misleading reply. A purchaser’s solicitors should also carry out an environmental search. This will disclose whether there is a recorded flood risk. If so, more detailed investigations will need to be conducted.
Are there restrictive covenants that are commonly identified during conveyancing in Barrow In Furness?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Barrow In Furness. 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…’
I am purchasing my first flat in Barrow In Furness with a mortgage from Platform Home Loans Ltd. The sellers refused to budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep suggested that I not to tell my solicitor about the deal as it will impact my mortgage with Platform Home Loans Ltd. Should I keep quiet?.
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.