We are purchasing a 3 bedroom apartment in Cringleford with a mortgage. We have a Cringleford solicitor, however the lender says he's not on their "panel". It seems we have little choice but to appoint one of the lender panel firms or continue with our Cringleford conveyancer as well as pay for one of their panel lawyers to represent them. This feels very unfair; 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 Cringleford conveyancing solicitor to apply to be on the conveyancing panel.
My husband and I intend to remortgage our flat in Cringleford with Nationwide. We have a son approaching twenty who lives with us. Our solicitor requested us to identify any adults other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the property is forfeited by the lender. I have a couple of concerns (1) Is this document specific to the Nationwide conveyancing panel as he never had to sign this form when we bought 3 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Nationwide conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Nationwide. This is solely used to protect Nationwide if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Nationwide had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
We had selected conveyancers locally in Cringleford on the Virgin Money solicitor approved list. They have just invoiced me an additional fee for dealing with the Virgin Money mortgage. Is this an additional conveyancing fee specified by Virgin Money?
Provided it is contained in their Terms of Engagement or estimate then yes your conveyancer can levy a fee for this. This charge is not dictated by Virgin Money but by your Cringleford property lawyer. Plenty of firms on the Virgin Money panel will charge ’dealing with mortgage’ fee and others do not.
Two weeks ago we had a mortgage agreed in principle with Coventry BS. Cringleford conveyancing solicitors are chosen. What is the average time that one could expect to receive a mortgage offer from Coventry BS?
There is no definitive answer here. Have Coventry BS completed the survey? Have you advised Coventry BS as to your lawyers' details and checked that your lawyers are on the Coventry BS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I can not fathom if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Cringleford bank branch on numerous occasions and was advised it wasn't an issue and they will lend. My Cringleford conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend in accordance with their specific requirements. I simply don't know who is right.
The lawyer has to follow the Council of Mortgage Lenders’ Handbook Part 2 conditions for your bank. Unless your lawyer obtains specific confirmation in writing that the lender 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 lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Due to the advice of my in-laws I had a survey completed on a property in Cringleford before retaining solicitors. I have been told that there is a flying freehold element to the property. The surveyor advised that some lenders may not give a loan on such a premises.
It depends who your proposed lender is. Bank of Scotland has different instructions from Birmingham Midshires. Should you wish to telephone us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Cringleford. Conveyancing will be smoother if you use a solicitor in Cringleford especially if they are acquainted with such properties in Cringleford.
What does commercial conveyancing in Cringleford cover?
Non domestic conveyancing in Cringleford incorporates a wide array of services, given by regulated solicitors, relating to business premises. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.