We wanted to use a conveyancing solicitor in Fishponds for our home move. Our broker has since notified us that our mortgage lenders Bank of Scotland won't deal with them. Why is this not regarded as unduly restrictive?
A decade ago most lenders had an appetite for risk which was higher than today. Almost all Fishponds conveyancing firms would have been on most lender panels. The financial services regulator in 2010 completed a thematic investigation into mortgage fraud which concluded: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more data from law firms relating to their operations and the individuals who work for them as well as set certain criteria such a completing on a minimum number of transactions. Many Fishponds conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Fishponds is amongst the numerous locations where the solicitors we list are are approved Bank of Scotland.
Does a directory service exist listing RBS panel solicitors in Fishponds on the Building Society Association’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association sites. Very few mortgage companies make their panel listings available on the web. Where you are looking for a Fishponds conveyancer on the RBS please make the most of our facility.
The mortgage over my property is with Bank of Ireland for my property in Fishponds. Conveyancing was finalised some time ago. Should I wish 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 Bank of Ireland?
You must advise Bank of Ireland prior to renting your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. It may be that Bank of Ireland 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 Bank of Ireland directly. You need not do this via a Bank of Ireland conveyancing panel solicitor.
I was told four weeks ago that my mortgage has been agreed to by Skipton. Is it usual for Skipton to only issue the offer once my solicitor in Fishponds is approved on their conveyancing panel? Skipton have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Skipton to deal with your lawyer's application to be on the Skipton conveyancing panel. There's no guarantee that your solicitor will be accepted.
Are there restrictive covenants that are commonly identified during conveyancing in Fishponds?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Fishponds. 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…’
I have been on the look out for a ground for flat up to £235,500 and identified one round the corner in Fishponds I like with open areas and transport links in the vicinity, the downside is that it only has 52 years on the lease. There is not much else in Fishponds for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a home loan the shortness of the lease may be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
If all goes to plan we aim to complete our sale of a £225,000 flat in Fishponds on Friday in a week. The managing agents has quoted £336 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Fishponds?
For most leasehold sales in Fishponds conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
Addressing pre-exchange questions
Where consent is required before sale in Fishponds
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
Leasehold Conveyancing in Fishponds - Examples of Questions you should ask before Purchasing
What is the the remaining lease term? You should want to find out as much as you can about the company managing the building as they can either make life much easier or uncomfortable. Being a leasehold owner you are often at the mercy of the managing agents from a financial perspective and when it comes to practical issues such as the upkeep of the communal areas. Ask other tenants what they think of them. In conclusion, be sure you know the dates that you are obliged pay the maintenance charge to the managing agents and precisely how they are spending the funds. Make sure you enquire if there is anything that is prohibited in the lease. For instance it is fairly common in Fishponds leases that pets are not permitted in certain buildings in Fishponds. If you love the propertyin Fishponds however your dog is not allowed to live with you then you will be presented with a difficult determination.