I can't travel far from Fenstanton. Is there a reason why all Fenstanton property lawyers are not on all mortgage company panels?
Mortgage Companies ordinarily restrict either the nature or the number of conveyancing solicitors on their panel. A common example of such restriction(s) being that a organisation must have at least two partners. In addition to restricting the nature of firm, some building societies decided to restrict the number of conveyancers they permit to act for them. It is worth noting that banks have no accountability for the accuracy of service supplied by any Fenstanton conveyancer on their approved list. Mortgage fraud was the key driver in the culling of conveyancing panels a few years ago notwithstanding that there are conflicting views concerning whether solicitors sat at the center of that fraud. Statistics via the Land Registry reveal that thousands of law practices only transact less than three conveyances a year. Those advocating conveyancing panel pruning ask why law firms deserve the right to remain on a bank panel when it is evident that conveyancing is not their primary expertise?
My conveyancer has uncovered a a problem with the lease for the apartment we are buying in Fenstanton. The seller’s lawyers have offered defective title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancer has advised that he must check that the mortgage company is happy with this solution. Who is the client here, us or the mortgage company ?
Regardless of the fact that you have a mortgage offer from the bank does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the mortgage company are the client. These conveyancing instructions have to be complied with.
Is it the case that all Fenstanton solicitors on the Santander conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Santander conveyancing panel they would need to be overseen by the SRA. The majority of banks do permit licenced conveyancers on their panel in which case such organisation would be overseen by the CLC.
Last month we had a mortgage agreed in principle with Leeds Building Society. Fenstanton conveyancing practitioners were appointed. What is the average time that one could expect to receive a mortgage offer from Leeds Building Society?
There is no definitive answer here. Have Leeds Building Society conducted the survey? Have you advised Leeds Building Society as to your lawyers' details and checked that your lawyers are on the Leeds Building Society conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
My husband and I are spending time viewing apartments in Fenstanton and I am now considering a potential offer. Is it best to have my conveyancing practitioner on ‘stand by’? I intend to finance via a home loan with Virgin Money.
It would be prudent to start your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their contact information on to the selling agent. As you are taking out a mortgage with Virgin Money, ask your prospective lawyers if they are on the Virgin Money conveyancing panel otherwise they can't do the mortgage legal work.
How does conveyancing in Fenstanton differ for newly converted properties?
Most buyers of new build residence in Fenstanton contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is constructed. This is because developers in Fenstanton usually acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Fenstanton or who has acted in the same development.
We own a leasehold flat in Fenstanton. Conveyancing was completed in 2010. I have been told that I mustn’t let the lease length fall too short. What is the reasoning?
Fenstanton leasehold properties are for a fixed term - often just under one hundred years when they commenced. However many appartments in Fenstanton were built or converted 30 or more years ago and so these leases now have fewer than eighty years left to run. This may sound like plenty of time however Banks, Building Societies and other mortgage companies on the whole need leases to have at least 75 years unexpired to be mortgageable. This means that when you come to sell the property you will need to extend the term of your lease if you are nearing eighty years. To maximise your property value you should be thinking about whether or not to extend your lease long before you come to sell it. Furthermore significant benefits to doing so before the lease hits eighty years as when the lease falls below eighty years the premium you have to pay to extend starts to get a lot more expensive.