My husband and I are looking to purchase a home in Ivybridge and have instructed a Ivybridge conveyancing firm. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Norwich and Peterborough Building Society have this morning contacted us to advise us that they have now hit a problem as our Ivybridge lawyer is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage it is normal for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your mortgage company and see 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 the lender’s conveyancing panel and you may continue to use your own Ivybridge solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
I am need of leasehold conveyancing for an apartment in a relatively new development (6 years built) in Ivybridge. The vast majority the properties have already been occupied. Do I need carry out the local searches as part of conveyancing in Ivybridge?
You are opening yourself up to an unnecessary risk in failing carrying out Ivybridge conveyancing searches. Without searches you have no clarity over flooding, environmental etc which may mean you walk away due to potential problems down the line. If you are buying without a mortgage there is no legal necessity to have them, but we would strongly advise in no uncertain terms that your lawyer conducts them. Where timings and expenses are primary issues you should discuss with your solicitor about the viability of search insurance
It is is a decade since I acquired my property in Ivybridge. Conveyancing solicitors have now been instructed on the sale but I can't locate my title documents. Will this cause complications?
You need not be too concerned. Firstly the deeds may be kept by the lender or they may be in the possession of the solicitor who acted in the purchase. Secondly the chances are that the property will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors obtaining current official copies of the land registers. Nearly all conveyancing in Ivybridge relates to registered property but in the rare situation where your property is not registered it adds to the complexity but is not insurmountable.
I am purchasing a flat and require a conveyancing solicitor in Ivybridge who is on the Chelsea Building Society solicitor. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Chelsea Building Society in certain locations such as Ivybridge. We dont recommend any particular firm.
I have recentlyfound out that Wolstenholmes have closed. They conducted my conveyancing in Ivybridge for a purchase of a leasehold flat 12 months ago. How can I establish that my home is in my name in the name of the former proprietor?
The quickest way to check if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Ivybridge conveyancing specialists.
Our conveyancer in Ivybridge has identified a a legal deficiency with the lease for the apartment we are buying in Ivybridge. The seller’s lawyers have put forward title insurance as a workaround. We are content with insurance and will pay for it. Our lawyer has advised that as he is on the lender conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. A precondition to being on the mortgage company approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . 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.