Our Beadnell solicitor has discovered a discrepancy when comparing the assumptions in the valuation survey and what is revealed within the title deeds. My lawyer has advised that he must ensure that the bank is OK with this discrepancy and is content to go ahead. Is my conveyancer’s stance right?
Your lawyer must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I am considering applying for a Coventry BS mortgage for purchase of a newly converted (under development) in Beadnell with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Coventry BS ?
In theory, you could use a solicitor that is not on the Coventry BS conveyancing panel, but Coventry BS would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
Various online forums that I have frequented warn that are a common reason for stalling in Beadnell house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of hindrances during the legal transfer of property. Searches are unlikely to feature in any slowing down conveyancing in Beadnell.
About to purchase a new build flat in Beadnell. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Beadnell
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Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please confirm the Lease plans are surveyor prepared. Forfeiture - bankruptcy or liquidation must not apply under this provision. Please supply evidence that the form of Lease proposed has been approved by the Land Registry.
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My wife and I are buying a 2 bedroom flat in Beadnell. At the time of instructing our conveyancing practitioner, they told us that they were on all mainstream bank panels. Our financial adviser emailed just now to advise that they are not on the Coventry BS approved list. If it turns out to be true, what should we do? Do we simply find a new conveyancing practitioner that is on their panel or do we cover the costs for separate representation, with Coventry BS selecting their own approved property lawyer.
Where you are purchasing a property requiring a mortgage it is conventional for the purchaser’s solicitors to also act for the purchaser's lender. In order to act for a bank or building society a property lawyer has to be on that lender's conveyancing panel. An application has to be made by the solicitor to the lender to become a member of the lender's panel and there are increasingly strict conditions which the lawyer has to meet. Some banks now insist their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should call Coventry BS to find out if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on Coventry BS's conveyancing panel as you are at liberty to use your preferred Beadnell lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.