We are buying a 2 bedroom flat in Cottesmore with a mortgage. We like our Cottesmore conveyancer, but the lender advise he's not on their "panel". We have to appoint one of the mortgage company panel firms or continue with our Cottesmore conveyancer as well as pay for one of their panel lawyers to represent them. We regard this is unjust; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’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. A further alternative is for your Cottesmore conveyancing solicitor to apply to be on the conveyancing panel.
Please could you suggest a Barnsley Building Society allowed Cottesmore conveyancing practice who can have us moved in within 10 days? Am I best advised to unstruct a local Cottesmore practice or a web based firm?
We can recommend some very good Cottesmore conveyancing firms. You can also walk up the high street in Cottesmore. Approach two or three firms and ask to see a conveyancing solicitor for a costs illustration. Mention your time frames together with the reasons and get an assurance on speed. Appoint the one that genuine.
The mortgage over my property is with Skipton for my property in Cottesmore. Conveyancing has been completed a year 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 Skipton?
Skipton must be informed of your intention prior to letting out your property as this is likely to be a breach of Skipton’s mortgage conditions. It may be that Skipton will permit you to let 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 Skipton directly. You need not do this via a Skipton conveyancing panel lawyer.
I can not work out if my lender requires a lease extension. I have telephoned my Cottesmore building society branch on numerous occasions and was told they are content with the situation and they will lend. My Cottesmore conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they refuse to lend based on their specific requirements. Who do I believe?
Your property lawyer must comply with the CML Handbook Part 2 conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 left on the lease.
Our offer on a property in Cottesmore has been accepted, the sellers do nevertheless have a tied purchase. The owners have placed an offer on a flat, however it’s not yet agreed to, and have viewings of other flats booked. I have selected a local conveyancing solicitor in Cottesmore. What do I do now? When should I get the mortgage application with Coventry BS going?
It is normal to have apprehensions where there is a chain as you are unlikely to want to incur costs too early (mortgage application is in the region of £1k, then survey, Cottesmore conveyancing search fees, etc). The first course of action is to ensure that your property lawyer is on the Coventry BS approved list. Regarding the subsequent steps this very much depends on the circumstances of your case, attraction to the property and on the state of the market. During a rising market many purchasers will apply for the mortgage with Coventry BS and pay for the valuation and only if it comes back ok would they pay their solicitor to proceed with searches.
I am intent on selling our house in Cottesmore and according to the buyers it appears that there is a risk of it being built land that was not decontaminated. Any high street Cottesmore lawyer would know this is not the case. It does beg the question why the purchasers instructed a nationwide conveyancing practice as opposed to a conveyancing solicitor in Cottesmore. We have lived in Cottesmore for many years we know of no issue. Do we contact our local Authority to get clarification that the buyers are looking for.
It sounds as though you may have a conveyancing firm currently acting for you. Are they able to advise? 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 health insurance to cover that same illness)
Yesterday I discovered that there is a flying freehold element on a house I put an offer in a fortnight ago in what was supposed to be a simple, chain free conveyancing. Cottesmore is where the house is located. What do you suggest?
Flying freeholds in Cottesmore are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Cottesmore you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cottesmore may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.