I am nearing exchange of contracts for my ground floor flat in Ferryside and the estate agent has just telephoned to advise that the purchasers are switching law firm. The reason given is that the mortgage company will only work with solicitors on their approved list. Why would a leading mortgage company only deal with certain law firms rather the firm that they want to select to handle their conveyancing in Ferryside ?
Mortgage companies have always had panels of law firms that can act for them, but in the last few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Mortgage companies point to the increase in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are unlikely to have any impact on this.
My husband and I changing mortgage lender for our maisonette in Ferryside with Leeds Building Society. We have a son approaching twenty who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the flat is forfeited by the lender. I have two concerns (1) Is this form unique to the Leeds Building Society 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 Leeds Building Society 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 Leeds Building Society. This is solely used to protect Leeds Building Society 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 Leeds Building Society 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.
Are the Ferryside conveyancing solicitors identified as being on the Barclays conveyancing panel, together with their details provided by Barclays?
Ferryside conveyancing firms themselves provide us confirmation that they are on the Barclays conveyancing panel as opposed to being supplied with a list from Barclays directly.
A relative advised me that in buying a property in Ferryside there may be various restrictions affecting the ability to carry out external alterations to a property. Is this right?
We are aware of a number of properties in Ferryside which have some sort of restriction or requirement of consent to execute external alterations. Part of the conveyancing in Ferryside should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am purchasing a property in Ferryside. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender UBS be concerned?
As you are obtaining a mortgage with UBS your lawyer must comply with the conveyancing instructions outlined in Section 2 of UK Finance Lenders’ Handbook for UBS. The Council of Mortgage Lenders’ Handbook contains minimum provisions for solar panel roof-space leases, and solicitors are required to report to UBS where a lease fails to comply with these requirements. The provisions relate to the installation of panels on properties countrywide and is not isolated to Ferryside.
I've digested plenty of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Ferryside solicitor - who is on the Leeds Building Society conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Leeds Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Leeds Building Society will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Ferryside surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Over the last few months I have been searching for a ground for flat up to £305k and found one round the corner in Ferryside I like with a park and station nearby, the downside is that it's only got 61 remaining years left on the lease. I can't really find anything else in Ferryside in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a home loan the shortness of the lease will likely be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you may request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.