I am not well enough to travel far from Bury. Please explain the reason why all Bury lawyers are not on all mortgage company panels?
Before the recession most banks exhibited an attitude to risk which is different than today. The financial regulator in 2010 carried out a thematic review into fraud which concluded: know the property lawyers on your panel. Consequently, mortgage companies have since looked to extract more information from law firms regarding their processes and the individuals employed by them and set certain criteria such as completing a minimum number of transactions. Thousands of law practices have been excluded from lender panels even though they had 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms found it impossible satisfy the criteria of amount of transactions the mortgage companies required.
The owners have very assertive sellers who has recommended a exclusivity agreement with a down payment two thousand pounds. Are such agreements sensible?
There are a couple of main concerns with signing a lock out agreement (sometimes termed a shut-out contract) is that it takes away the focus from progressing with the conveyancing work, so in the absence of it needing limited or no negotiation then it could transpire to be a cause of frustration and delay. It is not particularly popular by Bury conveyancing solicitors as a result. The other main issue is the extent of the remedies available - a jilted purchaser is not likely to secure an injunctive ruling by a court to stop the seller disposing of the property to another buyer, so the only remedy open via the contract will be the recovery of wasted charges and, in limited scenarios, the extra payment of damages.
I am the only recipient of my late father’s will and I have everything in my name now, including the my former home in Bury. Conveyancing formalities meant that the Land Registry date was in December. I now wish to sell up. I do know about the Mortgage Lenders 6 month 'rule', meaning my proprietorship will be considered the same way as though I had purchased the property in December. Is the property unsalable for six months?
The CML handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. Some lenders would take a sensible view as this provision is principally there to pick up on subsales or the quick reselling of property.
We have a mortgage agreed in principle with RBS. Bury conveyancing practitioners have been chosen. How long does it take for RBS to issue the offer to the conveyancer?
Some lenders take longer than others. Have RBS completed the survey? Have you advised RBS as to your lawyers' details and checked that your lawyers are on the RBS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I currently have a mortgage with Virgin Money for my property in Bury. Conveyancing was finalised 12 months ago. In the event that I decide 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 Virgin Money?
Virgin Money must be informed of your intention before letting out your property as this is likely to be a breach of Virgin Money’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 Virgin Money directly. You need not do this via a Virgin Money conveyancing panel firm.
We are close to exchanging contracts on the sale of our house in Bury and according to the buyers it appears that there is a possibility that the property was constructed land that was not decontaminated. A local conveyancer would know this is not the case. For the life of me I don't know why the buyers used a national conveyancing outfit rather than a conveyancing solicitor in Bury. Having lived in Bury for three years we know of no issue. Do we get in touch with our local Authority to get confirmation need.
It would appear that you have a conveyancing lawyer currently acting for you. What do they say? You need to enquire of 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 life insurance to cover that same ailment)
As co-executor for the will of my uncle I am selling a residence in Swansea but reside in Bury. My lawyer (based 235 miles from mehas requested that I sign a statutory declaration ahead of the transaction finalising. Could you suggest a conveyancing practitioner in Bury to attest and place their company stamp on the document?
Technically speaking you are not likely to need to have the documents witnessed by a conveyancing solicitor. Normally or notary public or solicitor will do regardless of whether they are Bury based