Me and my fiance are purchasing a 2 bedroom flat in Fenstanton with a mortgage. We wish to retain our Fenstanton conveyancer, but the lender advise she’s not on their "panel". We have to appoint one of the bank panel firms or continue with our Fenstanton conveyancing practitioner and pay for one of their panel ones to represent them. We feel that this is inequitable; are we not able to demand that the bank use our Fenstanton conveyancer ?
No, not really. Your mortgage offer 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 Fenstanton conveyancing solicitor to apply to be on the conveyancing panel.
Are the Fenstanton conveyancing solicitors identified as being on the Principality conveyancing panel, together with their details provided by Principality?
Fenstanton 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.
We are getting the release of further monies on our mortgage from TSB as we want to carry out a loft conversion to our home in Fenstanton. Do we need to select a high street Fenstanton solicitor on the TSB conveyancing panel to handle the paperwork?
TSB don't usually appoint a member of their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the TSB conveyancing panel.
The mortgage over my property is with Bank of Ireland for my property in Fenstanton. Conveyancing has been completed some time ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Bank of Ireland?
Your original mortgage agreement with Bank of Ireland will provide that you need their approval before renting 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 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 Bank of Ireland directly. It should not be necessary to do this via a Bank of Ireland conveyancing panel lawyer.
I am selling my house. I had a double glazing fitted in August 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, TSB are being difficult. The Fenstanton solicitor who is on the TSB conveyancing panel is saying indemnity insurance will be fine but TSB are insisting on a building regulation certificate. Why do TSB have a conveyancing panel if they don't accept advice from them?
It is probably the case that TSB have referred the matter to their valuer. The reason why TSB 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.
A relative recommended that if I am buying in Fenstanton I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is occasionally included in the estimate for your Fenstanton conveyancing searches. It is a large report of about 40 pages, listing and detailing important information about Fenstanton around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with plans and statistics, Local Amenities and other useful information about Fenstanton.
My offer on house in Fenstanton was accepted, but there is a chain. The vendors have offered on on an apartment, but it’s not yet agreed to, and are looking at other apartments in the pipeline. I have instructed a nearby conveyancing solicitor in Fenstanton. What do I do now? When should I get the mortgage application with Bank of Ireland going with Bank of Ireland?
It is standard to have concerns where there is an associated chain as you are unlikely to want to be too out of pocket prematurely (home loan application is approx £1k, then valuation, Fenstanton conveyancing search costs, etc). The first thing to do is check that your property lawyer is on the Bank of Ireland approved list. Concerning the subsequent stages this very much dictated by the uniqueness of your transaction, desire for the property and on the state of the market. In a rising market the majority of home buyers would apply for a home loan with Bank of Ireland and arrange for the survey and only if it was satisfactory would they request their lawyer to press on with searches.