My conveyancer has identified a defect with the lease for the flat we are purchasing in Downton. The other side have suggested title insurance as a solution. We are happy with insurance and will pay for it. 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 bank?
Notwithstanding that 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 considering applying for a HSBC mortgage for purchase of a new build (under development) in Downton with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for HSBC ?
In theory, you could use a solicitor that is not on the HSBC conveyancing panel, but HSBC 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.
What is the difference between a licensed conveyancer and conveyancing solicitor in Downton
There are many recorded licenced Conveyancers in Downton and Solicitor partnerships in Downton who provide Conveyancing services We would stress that the two are supervised by regulatory bodies with both specialising in the legal work in the home buying process. They may both also handle associated property related work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
Please help - my lawyer advises that chancel insurance is necessary on my purchase. What is the level of cover for Downton conveyancing?
The right level of chancel indemnity insurance depends on who your lender is. It would differ for example between Birmingham Midshires and Chelsea Building Society. Conveyancing practitioners as opposed to members of the public take out such policies.
I am the sole beneficiary of my late grandmother’s estate with all property in now in my sole name, including the house in Downton. Conveyancing formalities meant that the Land Registry date was in August. I plan to dispose of the property. I do know about the CML 6 month 'rule', meaning my proprietorship will be regarded the same way as if I'd bought the property in August. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be impacted by that. Some lenders would take a sensible view as this clause chiefly exists to capture subsales or the wholesaling and assigning of properties.
Just bought a detached house in Downton , What is the estimated time for the Land Registry to record my ownership? My Downton conveyancing solicitor has been painfully slow, so I want to be sure the land registry aspects are dealt with.
There is nothing unique when it comes to conveyancing in Downton registration formalities. Rather than based on location, timeframes can vary according to who lodges the application, whether there are errors and whether the Land registry must send notices to any interested parties. Currently roughly three quarters of such applications are fully addressed within two weeks but some can be subject to protracted hold-ups. Registration takes place after the new owner is living at the premises therefore 'speed' is not always an essential issue yet if it is urgent that the the registration takes place urgently then you or your conveyancer could speak with the land registry and explain the circumstances.
I am purchasing a new build house in Downton with a mortgage from Yorkshire Building Society. The builders refused to move on the amount so I negotiated £7000 of additionals instead. The property agent suggested that I not reveal to my conveyancer about the side-deal as it will adversely affect my mortgage with Yorkshire Building Society. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
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