Unfortunately I am unable to travel far from Horncastle. Please clarify why all Horncastle conveyancers are not on all lender panels?
Before the recession most banks displayed an attitude to risk which differs from the current day. The Financial Services Authority in 2010 conducted a thematic review into fraud which concluded: know the conveyancers on your panel. Accordingly, lenders have subsequently soughtmore information from law firms concerning their operations and the staff employed by them and set certain criteria such as completing a minimum amount of transactions. Many firms have been excluded from lender panels even though they had 100% healthy disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms were never going to meet the criteria of volume of transactions the mortgage companies set.
As someone unfamiliar with the Horncastle conveyancing process what’s your top tip you can impart for the ownership transfer in Horncastle
You may not hear this from too many lawyers but conveyancing in Horncastle or throughout England and Wales is an adversarial experience. In other words, when it comes to conveyancing there exists lots of room for friction between you and other parties involved in the transaction. E.g., the vendor, estate agent and sometimes your mortgage company. Choosing a solicitor for your conveyancing in Horncastle should not be taken lightly as your conveyancer is your adviser, and is the ONE party in the process whose responsibility is to protect your best interests and to keep you safe.
On occasion a third party with a vested interest will try and sway you that you should follow their advice. For instance, the property agent may claim to be assisting by claiming that your solicitor is wrong. Or your mortgage broker may advise you to do take action that is against your solicitors advice. You should always trust your lawyer above all other parties in the conveyancing process.
Please explain the implications if my lawyer’s firm is removed from the Principality Conveyancing panel ahead of completing my conveyancing in Horncastle?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
A friend pointed out to me me that in buying a property in Horncastle there may be various restrictions prohibiting external changes to the property. Is this right?
We are aware of a number of properties in Horncastle which have some sort of restriction or requirement of consent to external changes. Part of the conveyancing in Horncastle should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Are all Horncastle Conveyancing Quality Solicitors on the TSB conveyancing panel?
A selection of banks and building societies now use CQS as the kick off point for Panel membership such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of firms.
I have today made my last payment due on my mortgage with Coventry BS. I assume I don't need a Horncastle conveyancing practitioner on the Coventry BS panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Coventry BS 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 Coventry BS mortgage from the register. Coventry BS, 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 Coventry BS has sent the Land Registry the discharge electronically, and
- Coventry BS has instructed the Land Registry to do so
Just had an offer accepted on a new build apartment in Horncastle. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Horncastle
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The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please confirm the Lease plans are architect prepared. 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. Please supply evidence that the form of Lease proposed has been approved by the Land Registry.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a straight forward, chain free conveyancing. Horncastle is where the house is located. Can you shed any light on this issue?
Flying freeholds in Horncastle are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Horncastle you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Horncastle may decide 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 premises.