My conveyancer has identified a a problem with the lease for the flat we are buying in New Forest. The other side have suggested defective title insurance as a solution. We are happy with insurance and will pay for it. Our lawyer has advised that he must check that the mortgage company is content with this solution. Are we the client or is the mortgage company ?
Even though you have a mortgage offer from the lender does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the mortgage company are the client. The appropriate lender requirements have to be complied with.
Finally the sale completed on my house in New Forest last March yet the purchaser is calling me to moan that his lawyer needs to hear from mine. What should my lawyer have done now that I have sold?
Post completion of your disposal your solicitor is committed to send the transfer documentation and all of the paperwork to the purchaser's conveyancer. Depending on the transaction, your lawyer must also confirm that the legal charge in favour of the lender has been discharged to the purchasers solicitors. There is unlikely to be post completion procedures just for conveyancing in New Forest.
I am selling my house in New Forest. Does the conveyancer have to be on the RBS conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the RBS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
Will our conveyancer be raising enquiries concerning flooding as part of the conveyancing in New Forest.
The risk of flooding is if increasing concern for conveyancers specialising in conveyancing in New Forest. There are those who acquire a house in New Forest, fully expectant that at some time, it may be flooded. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to offer advice on flood risk, however there are a numerous checks that can be initiated by the buyer or on a buyer’s behalf which will figure out the risks in New Forest. The standard information given to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the vendor to determine if the property has suffered from flooding. In the event that flooding has previously occurred which is not notified by the owner, then a buyer may bring a legal claim for losses as a result of such an misleading answer. The purchaser’s lawyers should also carry out an environmental search. This should disclose whether there is a recorded flood risk. If so, additional investigations will need to be made.
Despite weeks of looking the Title Certificate and documents to our property are lost. The conveyancers who handled the conveyancing in New Forest 4 years ago are no longer around. What are my options?
As long as the title is registered the information relating to your ownership will be retained by HMLR with a Title Number. It is possible to conduct a search at the Land Registry, locate your house and obtain up to date copies of the property title for less than a fiver. If the title is Leasehold then the Land Registry will usually hold a file copy of the Registered Lease and again, a copy can be retrieved for twenty pounds.
I'm purchasing a new build house in New Forest with a mortgage from Coventry Building Society. The developers refused to budge the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep told me not disclose to my lawyer about the extras as it could impact my loan with the lender. Should I keep quiet?.
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.