My husband and I are hoping to buy a 1 bedroom apartment in Winterbourne with a mortgage. We wish to retain our Winterbourne conveyancer, but the mortgage company advise she’s not on their "panel". We have to appoint one of the mortgage company panel firms or continue with our Winterbourne property lawyer as well as pay for one of their panel ones to represent them. We regard this is unjust; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’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 Winterbourne conveyancing lawyer to apply to be on the conveyancing panel.
Do all mortgage companies provide you with an approved list of Winterbourne conveyancing solicitors? How do you know who is on the Principality conveyancing panel?
Winterbourne conveyancing firms themselves provide us confirmation that they are on the Principality conveyancing panel as opposed to being supplied with a list from Principality directly.
My partner and I have organised the release of further monies on our mortgage from UBS as we intend to carry out alterations to our house in Winterbourne. Do we need to choose a bricks and mortar Winterbourne solicitor on the UBS conveyancing panel to deal with the legals?
UBS do not ordinarily appoint firms on their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the UBS conveyancing panel.
I currently have a mortgage with Coventry BS for my property in Winterbourne. Conveyancing was finalised some time ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Coventry BS?
Your original mortgage agreement with Coventry BS will provide that you need their approval prior to renting your property as this is likely to be a breach of Coventry BS’s mortgage conditions. It may be that Coventry BS 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 Coventry BS directly. It should not be necessary to do this via a Coventry BS conveyancing panel firm.
I recently had an offer accepted on an apartment in Winterbourne. My financial adviser pressured me to appoint their solicitor. I paid an advanced payment of £150. A few days later, the solicitor contacted me sheepishly admitting that they were not on the Bank of Ireland conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Bank of Ireland panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
How does conveyancing in Winterbourne differ for new build properties?
Most buyers of new build or newly converted property in Winterbourne contact us having been asked by the developer to sign contracts and commit to the purchase even before the property is completed. This is because new home sellers in Winterbourne typically purchase the real estate, 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 conveyancing solicitors 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 Winterbourne or who has acted in the same development.
Over the last few months I have been searching for a flat up to £245,000 and found one round the corner in Winterbourne I like with open areas and station in the vicinity, the downside is that it's only got 52 years unexpired on the lease. I can't really find anything else in Winterbourne in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you need a home loan the remaining unexpired lease term will likely be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you may request that they start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.