Our solicitor has discovered a a legal deficiency with the lease for the flat we are purchasing in Ferryhill. The seller’s lawyers have offered defective title insurance as a workaround. We are content with insurance and will pay for it. Our solicitor says that he must be satisfied that the bank is happy with this solution. Who is the client here, us or the lender?
Notwithstanding that you have a mortgage offer from the bank does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the bank are the client. The appropriate lender requirements have to be complied with.
My fiancee and I are at the point of looking at houses in Ferryhill and I am now considering a potential offer. Is it advisable to have my lawyer on ‘stand by’? I will be getting a mortgage with Nottingham.
It would be advisable to instigate your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the EA. As you are getting a mortgage with Nottingham, ask your prospective lawyers if they are on the Nottingham conveyancing panel otherwise they can't do the mortgage legal work.
I have paid off my mortgage with UBS. I assume I don't need a Ferryhill lawyer on the UBS panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your UBS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the UBS mortgage from the register. UBS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where UBS has sent the Land Registry the discharge electronically, and
- UBS has instructed the Land Registry to do so
I was told three weeks ago that my mortgage has been agreed to by Bank of Ireland. Is it usual for Bank of Ireland to only issue the offer once my solicitor in Ferryhill is approved on their conveyancing panel? Bank of Ireland have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Bank of Ireland to deal with your lawyer's application to be on the Bank of Ireland conveyancing panel. There's no guarantee that your solicitor will be accepted.
Should our lawyer be making enquiries concerning flooding during the conveyancing in Ferryhill.
The risk of flooding is if increasing concern for solicitors dealing with homes in Ferryhill. Some people will buy a house in Ferryhill, completely aware that at some time, it may be flooded. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the premises. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Lawyers are not qualified to give advice on flood risk, however there are a number of searches that may be undertaken by the purchaser or on a buyer’s behalf which can give them a better understanding of the risks in Ferryhill. The standard information given to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the owner to discover whether the property has historically flooded. If the property has been flooded in past which is not notified by the vendor, then a purchaser could bring a legal claim for losses stemming from an incorrect reply. The purchaser’s lawyers may also carry out an environmental report. This should reveal if there is a recorded flood risk. If so, further investigations should be made.
Me and my brother own a semi-detached Victorian house in Ferryhill. Conveyancing practitioner acted for me and Nationwide Building Society. I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, the second leasehold with the matching property. Is it worth asking Nationwide Building Society to clarify?
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Ferryhill and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the situation with the conveyancing solicitor who conducted the purchase.
I'm purchasing my first flat in Ferryhill with the aid of help to buy. The sellers refused to move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent advised me not disclose to my solicitor about this deal as it will affect my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Due to the input of my in-laws I had a survey completed on a house in Ferryhill ahead of instructing solicitors. I have been advised that there is a flying freehold overhang to the house. Our surveyor advised that some mortgage companies tend not issue a mortgage on a flying freehold property.
It depends who your proposed lender is. HSBC has different requirements from Birmingham Midshires. Should you wish to telephone us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Ferryhill. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Ferryhill to see if the conveyancing costs will increase in light of this.