Our solicitor has uncovered a defect with the lease for the property we are purchasing in Bembridge. The seller’s lawyers have offered defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer says that he must check that the bank is willing to move forward with this solution. Are we the client or is the mortgage company ?
Even though you have a mortgage offer from the mortgage company does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the lender are the client. These conveyancing instructions must be adhered to.
I am assisting my niece sell her property in Bembridge. Will the solicitor arrange an energy performance certificate or it is for the owner to coordinate?
Following the abolition of Home Packs, energy performance certificates was retained a compulsory component of moving house. An energy assessment should be to hand in advance of the property being marketed. This is not something that conveyancers ordinarily organise. If you are instructing a Bembridge conveyancing lawyer they might help arrange EPC’s given their contacts with long established Bembridge assessors
My aunt advised me that in buying a property in Bembridge there could be various restrictions limiting what one can do in terms of external changes to the property. Is this right?
There are anumerous of properties in Bembridge which have some sort of restriction or requirement of consent to external variations. Part of the conveyancing in Bembridge should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We expect to receive a AIP from Coventry BS this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Coventry BS recommend any Bembridge solicitors on the Coventry BS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Bembridge solicitors independently although you'll need to choose one on the Coventry BS conveyancing panel. The solicitor represents both you and Coventry BS through the process.
Should my solicitor be raising questions concerning flooding as part of the conveyancing in Bembridge.
The risk of flooding is if increasing concern for solicitors dealing with homes in Bembridge. There are those who purchase a house in Bembridge, fully aware that at some time, it may suffer from flooding. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to offer advice on flood risk, however there are a various searches that may be undertaken by the buyer or by their solicitors which should figure out the risks in Bembridge. The conventional set of completed inquiry forms supplied to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard inquiry of the owner to find out if the property has suffered from flooding. In the event that the residence has been flooded in past and is not revealed by the owner, then a purchaser may bring a legal claim for losses as a result of such an inaccurate answer. The buyer’s solicitors should also carry out an enviro search. This should disclose whether there is any known flood risk. If so, additional inquiries will need to be conducted.
It has been four months following my purchase conveyancing in Bembridge completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm purchasing my first flat in Bembridge with the aid of help to buy. The sellers would not reduce the price so I negotiated £7000 of additionals instead. The property agent advised me not to tell my lawyer about this side-deal as it would jeopardize my loan with the bank. Is this normal?.
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.
We have chosen a Bembridge conveyancing solicitor for our house purchase (first time buyers) and have picked up in the terms and conditions that they are not overseen by the Financial Conduct Authority. Am I right to be concerned or is that standard with conveyancing practitioner?
We can't see why they should be. Most conveyancer don't lend money. You should check that they are regulated by the SRA, who have specific laws regulating monies sitting in their bank.