I am not in a position to travel far from Furzedown. I would like to know the logic why all Furzedown property lawyers aren't included on all bank panels?
Lenders ordinarily restrict either the type or the number of conveyancing firms on their panel. A common example of such criteria being that a practice is required to have two or more partners. In addition to restricting the structure of firm, some banks for example HSBC decided to reduce the number of firms they permit to act for them. It is worth noting that mortgage companies have no accountability for the standard of conveyancing given by any Furzedown property lawyer on their panel. Mortgage fraud was the main trigger for the culling of solicitor panels from 2008 even though there are contrary opinions about the extent of solicitor involvement in some of that fraud. Statistics from HM Land Registry exposes that thousands of law organisations only carry out one or two conveyances a year. Those advocating conveyancing panel pruning question why law firms deserve claim to be listed on a conveyancing panel when clearly property law is not their speciality?
It is not clear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Furzedown bank branch on a couple of occasions and was told it does not impact the mortgage offer and they will lend. My Furzedown conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they would not lend in accordance with their specific requirements. I have no idea who is right.
The property lawyer has to follow the Council of Mortgage Lenders’ Handbook section two requirements for your lender. Unless your lawyer obtains specific confirmation in writing that the bank 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 remaining.
I am due to exchange contracts on my flat. I had a double glazing fitted in February 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Yorkshire BS are being problematic. The Furzedown solicitor who is on the Yorkshire BS conveyancing panel is recommending indemnity insurance as a solution but Yorkshire BS are insisting on a building regulation certificate. Why do Yorkshire BS have a conveyancing panel if they don't accept advice from them?
It is probably the case that Yorkshire BS have referred the matter to their valuer. The reason why Yorkshire BS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Virgin Money have agreed my mortgage in principle, my bid on a flat in Furzedown has been accepted, what happens next?
Your property agent will wish to know who your solicitors are (make sure the lawyers are on the bank’s approved list). Call up Virgin Money or the financial adviser and finalise any relevant documentation. Virgin Money will appoint a valuer who will get in touch with the selling agent or vendor to book a slot for the valuation to occur. Once carried out (assuming no problems) it takes on average a fortnight for the mortgage offer to be issued. Virgin Money will issue the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Furzedown.
Over the last few months I have been searching for a flat up to £245,000 and identified one near me in Furzedown I like with open areas and station in the vicinity, however it's only got 52 remaining years left on the lease. There is not much else in Furzedown for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you require a mortgage that many years will be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
Am I right to be wary about brokers that I am dealing with are encouraging me to use an online conveyancing firm as opposed to a High Street Furzedown conveyancing firm?
As with many professional services, often recommendations from connections can be worth their weight in gold. Nevertheless there are lots of people with a keen interest in a conveyancing transaction; estate agents, financial adviser and banks might all put forward lawyers to instruct. Sometimes these solicitors might be known to one of the organisations as being good in their field, but sometimes there behind the scenes financial incentive behind the endorsement. You are at liberty to appoint your preferred lawyer. Don't forget that some mortgage providers operate an approved list of lawyers you have to use for the mortgage aspect of your conveyancing.
My husband and I are FTB’s - agreed a price, but the estate agent told us that the owners will only issue a contract if we appoint their preferred conveyancers as they are insisting on a ‘quick sale’. Our preferred option is to instruct a high street conveyancer with experience of conveyancing in Furzedown
We suspect that the owner is unaware of this requirement. If they require ‘a quick sale', alienating a genuine purchaser is is going to put the whole deal at risk. Contact the sellers directly and make sure they comprehend that (a)you are keen to buy (b)you are excited to move forward, with finances arranged © you are unencumbered (d) you intend to proceed fast (e)however you are going to use your own,trusted Furzedown conveyancing lawyers - not the ones that will give their negotiator at the agency a referral fee or meet his conveyancing targets pre-set by head office.