We are about to exchange contracts for a freehold house in Cumbria. We have hit a snag. Our mortgage offer with The Royal Bank of Scotland runs out on 24/11/2023 but the sellers are putting forward a completion date of 28/11/2023. Is it possible to prolong the mortgage offer?
The person best placed to address this issue is your conveyancer who will assess if he or she is should be discussing with the mortgage company, seller’s solicitors, selling agents or conceivably all three based on the history of your transaction to date.
Are the Cumbria conveyancing solicitors identified as being on the RBS conveyancing panel, together with their details provided by RBS?
Cumbria conveyancing firms themselves provide us confirmation that they are on the RBS conveyancing panel as opposed to being supplied with a list from RBS directly.
I am being advised by my conveyancer that breach of easement insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Cumbria?
The right level of breach of easement indemnity insurance depends on your lender. It would differ for example between HSBC Bank and Skipton Building Society. Conveyancing lawyers as opposed to borrowers take out such policies.
Is it the case that all Cumbria CQS (Conveyancing Quality Scheme) solicitors are on the Nottingham conveyancing list of approved firms?
Some major banks and building societies now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however is 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 solicitor practices wishing to remain on their approved list of conveyancing solicitors.
I currently have a mortgage with Principality for my property in Cumbria. Conveyancing was finalised months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Principality?
Your original mortgage agreement with Principality will provide that you need their approval in advance of renting your property as this is likely to be a breach of Principality’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 Principality directly. It should not be necessary to do this via a Principality conveyancing panel firm.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Cumbria?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Cumbria. 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…’
Due to the input of my in-laws I had a survey completed on a property in Cumbria before instructing conveyancers. I have been told that there is a flying freehold aspect to the property. Our surveyor has said that some lenders may refuse to give a loan on a flying freehold premises.
It varies from the lender to lender. Santander has different requirements for example to Halifax. If you call us we can investigate further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Cumbria. Conveyancing will be smoother if you use a solicitor in Cumbria especially if they are familiar with such properties in Cumbria.