My conveyancer has discovered a a problem with the lease for the property we are buying in Lydney. The other side have offered defective title insurance as a solution. We are content with insurance and will cover the costs. Our solicitor says that he must check that the mortgage company is happy with this solution. Who is the client here, us or the mortgage company ?
Regardless of the fact 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 conditions. You and the lender are the client. These conveyancing instructions must be adhered to.
I am purchasing a semi-detached house in Lydney. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Lydney you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Lydney.
Is it the case that all Lydney CQS (Conveyancing Quality Scheme) solicitors are on the Aldermore conveyancing panel?
Some major lenders now use CQS as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their approved list of firms.
When it comes to lenders such as Kent Reliance, do Lydney property lawyers incur a yearly amount to be on the list of approved solicitors?
We are not aware of any mortgage company fees to be on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
Our offer on a detached house in Lydney has been agreed to, the vendors do nevertheless have a dependent purchase. The vendors have offered on a property, however it’s not been accepted yet, and have viewings of other flats booked. I have selected a local conveyancing solicitor in Lydney. What do I do now? When should I get the mortgage application with Nationwide started?
It is understandable to have concerns where there is a chain as you are unlikely to want to incur costs too early (mortgage application is in the region of £1k, then survey, Lydney conveyancing search charges, etc). The first thing to do is ensure that your conveyancing practitioner is on the Nationwide conveyancing panel. Concerning the next steps this very much depends on the uniqueness of your case, desire for the property and on the state of the market. In a hot market many purchasers will apply for a home loan with Nationwide and pay for the valuation and only if it comes back ok would they ask their conveyancer to move forward with the conveyancing in Lydney.
A colleague recommended that where I am purchasing in Lydney 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 Lydney conveyancing searches. It is not a small document of about 40 pages, listing and setting out significant information about Lydney around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Lydney Education with plans and statistics, Local Amenities and other useful data about Lydney.
Am I right to be wary about brokers that I am dealing with are recommending a web based conveyancing firm rather than a High Street Lydney conveyancing practice?
As is the case with lots of service providers, often suggestions from connections can be extremely useful or valuable. Nevertheless there are lots of players in a conveyancing transaction; estate agents, mortgage brokers and banks may suggest solicitors to use. On occasion these lawyers might be known to one of the organisations as experts in their field, but occasionally there behind the scenes commercial relationship behind the endorsement. You have the right to appoint your preferred lawyer. Don't forget that some lenders specify a panel list of solicitors you are obliged to use for the mortgage aspect of your transaction.
I am purchasing a flat with all finances in place. My solicitor has been handed with 2 separate proof of photo identification, bank statement, multiple utility bills. Now he wants a copy from a probate lawyer stating that the funds are in place and that it has come from inheritance and not selling fake watches.
In today’s world you will not be able to complete any Lydney conveyancing transaction without first providing evidence of your identity to your lawyers. This usually takes the form of a either your passport or driving licence and a utility bill. Remember if you are providing your driving licence as evidence of ID it must be both the paper part and photo card part, one is not acceptable without the other. Evidence of your source of funds is required under Money Laundering Regulations.