My husband and I are buying a 2 bedroom flat in Rutland with a mortgage. We like our Rutland conveyancer, but the mortgage company advise she’s not on their "panel". We have to appoint one of the lender panel conveyancing practices or keep our Rutland conveyancing practitioner as well as pay for one of their panel lawyers to represent them. We consider that this is unjust; are we not able to require that the mortgage company use our Rutland lawyer ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Rutland conveyancing solicitor to apply to be on the conveyancing panel.
We're in Rutland, First timers purchasing with a mortgage (lender is RBS , and our solicitor is on the RBS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the RBS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I happen to be the only recipient of my late grandmother’s estate with all property in now in my sole name, including the my former home in Rutland. Conveyancing formalities meant that the Land Registry date was in October. I want to move. I understand that there is a Mortgage Lenders six month 'rule', which means that my property ownership will be considered the same way as if I'd bought the property in October. Do I have to wait half a year to sell?
The CML handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be caught by that. How sensible a view banks take of it, depend on the lender as this clause is primarily there to identify subsales or the flipping of properties.
Is it the case that all Rutland solicitors on the Virgin Money conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Virgin Money conveyancing panel they would need to be overseen by the SRA. The majority of lenders do list licenced conveyancers on their panel and in that case the firms would be governed by the CLC.
The mortgage over my property is with Coventry BS for my property in Rutland. Conveyancing has been completed 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 Coventry BS?
Coventry BS must be informed of your intention in advance of renting your property as this is likely to be a breach of Coventry BS’s mortgage conditions. In many cases banks or building societies will permit you to let 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 Coventry BS directly. You need not do this via a Coventry BS conveyancing panel solicitor.
How does conveyancing in Rutland differ for new build properties?
Most buyers of new build residence in Rutland contact us having been asked by the builder to sign contracts and commit to the purchase even before the property is constructed. This is because builders in Rutland typically 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 conveyancers 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 used to new build conveyancing in Rutland or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a property in Rutland before appointing conveyancers. I have been informed that there is a flying freehold overhang to the property. My surveyor has said that some mortgage companies will refuse to give a mortgage on this type of home.
It varies from the lender to lender. Santander has different instructions from Halifax. If you e-mail us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Rutland. Conveyancing will be smoother if you use a solicitor in Rutland especially if they are acquainted with such properties in Rutland.