Our Delabole lawyer has spotted a difference when comparing the surveyor’s assumptions in the home valuation survey and what is revealed within the legal papers for the property. My lawyer informs me that he is duty bound to check that the lender is OK with this discrepancy and is still content to lend. Is my solicitor’s stance correct?
Your solicitor must comply with the UK Finance Lenders’ Handbook requirements 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 both parties.
I am considering applying for a Co-operative mortgage for purchase of a newly converted (under development) in Delabole with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Co-operative ?
In theory, you could use a solicitor that is not on the Co-operative conveyancing panel, but Co-operative 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 conveyancing matter.
We are buying a apartment in Delabole. It might be a silly question but how we can trust a conveyancer? On the day of competition we have to put money into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I'm the sole recipient of my late grandmother’s estate and I have everything in my name alone, including the house in Delabole. Conveyancing formalities meant that the Land Registry date was in August. I want to move. I understand that there is a CML 6 month 'rule', meaning my proprietorship will be regarded the same way as though I had purchased the property in August. Do I have to wait 6 months to sell?
The CML handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be impacted by that. Most mortgage companies would take a sensible view as this requirement is chiefly there to capture subsales or the quick reselling of property.
Is it the case that all Delabole solicitor firms on the Co-operative conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the Co-operative conveyancing panel they would need to be governed by the Solicitors Regulatory Authority. Some mortgage companies do list licenced conveyancers on their panel and in such a situation the organisation would be overseen by the Council of Licensed Conveyancers.
A colleague advised me that if I am purchasing in Delabole 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 sometimes included in the estimate for your Delabole conveyancing searches. It is a large report of about 40 pages, listing and setting out important information about Delabole around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Delabole Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful information about Delabole.
Yesterday I discovered that there is a flying freehold element on a property I have offered on last month in what should have been a simple, chain free conveyancing. Delabole is the location of the property. What do you suggest?
Flying freeholds in Delabole are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Delabole you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Delabole may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
My fiance and I have recently had an offer accepted on a apartment and had meeting on Wednesday with Nationwide for the mortgage. They warned us that when it comes to selecting a conveyancing practitioner that if they are not on their approved list of solicitors then we will have to pay out a further fee of about two hundred pounds. This is because they will then have to instruct a property lawyer to act on their behalf as well as the one we select for ourselves and we will be on the hook for their invoice. I have asked Nationwide to send me with a list so I can request estimates only from their approved conveyancers but was told that I need to check with each individual lawyer to see if they are on the panel. Is there a simple way of finding out who is on a lender panel?
You should ask Nationwide what their panel criteria is for a conveyancer.Thereafter ask the conveyancer of your choice whether they meet the criteria and have they acted on loans for Nationwide previously. Where the answer to those is yes, then just clarify this with Nationwide. Another option is to utilise our search facility and we should be able to locate a conveyancing practitioner in Delabole on the approved list for Nationwide.