I can't travel far from Parbold. Can you please clarify why all Parbold lawyers aren't included on all mortgage company panels?
Pre- 2008 most lenders displayed an attitude to risk which is different than today. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which concluded: know the conveyancing practitioners on your panel. As a result, banks have subsequently requiredmore data from law firms regarding their processes and the individuals who work for them and set certain criteria such as completing a minimum number of transactions. Many law practices have found themselves excluded from lender panels even though they had 100% healthy disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms found it impossible satisfy the criteria of volume of transactions the lenders required.
A friend informed me that in purchasing a property in Parbold there may be various restrictions limiting what one can do in terms of external changes to a property. Is this right?
We are aware of a number of properties in Parbold which have some sort of restriction or requirement of consent to execute external changes. Part of the conveyancing in Parbold should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We have agreed to purchase a house in Parbold. One unusual aspect is that the roof has a solar panel. Yorkshire BS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Yorkshire BS your lawyer must follow the formal instructions contained in Section 2 of UK Finance Lenders’ Handbook for Yorkshire BS. The Council of Mortgage Lenders’ Handbook contains minimum requirements for solar panel roof-space leases, and lawyers are required to report to Yorkshire BS where a lease fails to meet these requirements. The conditions relate to the installation of panels on properties nationwide and is not isolated to Parbold.
I have a mortgage with Bank of Ireland for my property in Parbold. Conveyancing has been completed a year 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 before letting out your property as this is likely to be a breach of Bank of Ireland’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 Bank of Ireland directly. It should not be necessary to do this via a Bank of Ireland conveyancing panel solicitor.
My wife and I purchased a terraced Georgian house in Parbold. Conveyancing lawyer acted for me and Alliance & Leicester . I did a free Land Registry search last week and there are a couple of entries: the first freehold, another for leasehold under the exact same property. I thought I was buying a freehold how can I check?
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Parbold and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the situation with your conveyancing solicitor who carried out the work.
I have been on the look out for a leasehold apartment up to £195,000 and identified one round the corner in Parbold I like with a park and railway links nearby, however it only has 52 remaining years left on the lease. There is not much else in Parbold suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you need a mortgage the remaining unexpired lease term will likely be a potential deal breaker. 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 a minimum of 2 years you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
Are Parbold conveyancing solicitors under an obligation to the Law Society to publish transparent conveyancing costs?
Contained within the Solicitors Code of Conduct are prescriptive rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their fees to clients.The Law Society have practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not to be regarded as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, nevertheless, constitute the Law Society’s view of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in Parbold or or elsewhere in the country.