My partner and I are acquiring a brand new flat in Lostwithiel and my solicitor is informing me that she has to the bank to disclose incentives from the builder. I am on a tight deadline to exchange and I don't want to prolong deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
we are a couple who wish to acquire a 3 bedroom apartment in Lostwithiel with a homeloan from Platform Home Loans Ltd.We would like to retain our Lostwithiel conveyancing solicitor but Platform Home Loans Ltd says he's not listed on their "panel". We have to appoint a Platform Home Loans Ltd panel lawyer or keep our high street solicitor and pay for a Platform Home Loans Ltd panel lawyer to represent them. This seems very unfair; is there anything we can do?
No, not really. The home loan offered to you is subject to its various provisions, one of which will be that conveyancers needs to be on the Platform Home Loans Ltd conveyancing panel. Until recently, most banks had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Platform Home Loans Ltd
We are getting the release of further funds on our mortgage from HSBC as we intend to carry out a loft conversion to our property in Lostwithiel. Are we obliged to choose a bricks and mortar Lostwithiel solicitor on the HSBC conveyancing panel to deal with the paperwork?
HSBC don't usually instruct a member of their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the HSBC panel.
It is unclear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Lostwithiel bank branch on numerous occasions and was advised it wasn't a problem and they would lend. My Lostwithiel conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they refuse to lend based on their published requirements. Who do I believe?
Provided that the property lawyer is on the bank panel, they must follow the CML Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
Clydesdale have agreed my home loan in principle, my bid on a flat in Lostwithiel has been agreed to, what happens next?
Your estate agent will wish to be advised as to your conveyancing practitioner's details (ensure that the conveyancers are on the bank’s approved list). Telephone Clydesdale or your financial adviser and finish off any outstanding documentation. Clydesdale will appoint a valuer who will get in contact with the selling agent or vendor to book an appointment. Once carried out (assuming no problems) it takes about a fortnight to receive the mortgage offer. Clydesdale will issue the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Lostwithiel.
Will my lawyer be raising questions concerning flooding as part of the conveyancing in Lostwithiel.
Flooding is a growing risk for lawyers conducting conveyancing in Lostwithiel. There are those who buy a property in Lostwithiel, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the property. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Conveyancers are not best placed to offer advice on flood risk, however there are a numerous checks that can be carried out by the purchaser or by their conveyancers which will give them a better understanding of the risks in Lostwithiel. The conventional set of completed inquiry forms supplied to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the seller to discover if the premises has suffered from flooding. If flooding has previously occurred and is not notified by the owner, then a buyer could bring a compensation claim resulting from an inaccurate response. A buyer’s conveyancers may also order an environmental search. This should reveal if there is any known flood risk. If so, more detailed inquiries should be made.
I've recently found out that there is a flying freehold issue on a house I have offered on last month in what should have been a quick, no chain conveyancing. Lostwithiel is the location of the property. What do you suggest?
Flying freeholds in Lostwithiel are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Lostwithiel you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Lostwithiel may determine 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.
I need to swap lawyers as my Lostwithiel lawyer is not on the lender's panel of conveyancing solicitors. Is it practical to instruct different lawyers?
In the event that you have not formally appointed a solicitor to commence the conveyancing and have just received an estimate as to costs, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Lostwithiel that you're thinking of instructing.