Is the fact that my conveyancer in Port Isaac is not listed on my bank's solicitor panel that there is a problem with the standard of her conveyancing?
It would be unwise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the Port Isaac conveyancing firm and ask them why they are no longer on the approved list for your bank.
Due to complete my purchase in Port Isaac next Monday. My property lawyer now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the bank. What does the insurance need to cover?
All property lawyers on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 instructions. These requirements are not limited to conveyancing in Port Isaac.
I'm the sole beneficiary of my late father’s estate with all property in now in my sole name, including the my former home in Port Isaac. Conveyancing formalities meant that the Land Registry date was in March. I want to move. I understand that there is a Mortgage Lenders six month 'rule', meaning my proprietorship could be treated the same way as though I had purchased the house in March. Will no one buy the property for half a year?
The CML handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be affected by that. How practical a view mortgage companies take of it, depend on the mortgage company as this requirement primarily exists to identify subsales or the quick reselling of properties.
When it comes to lenders such as Principality, do Port Isaac solicitors incur a yearly amount to be on the conveyancing panel?
We are unaware of any mortgage company fees to be on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
I am currently in the process of buying my council flat in Port Isaac. I have a mortgage offer with Skipton. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Skipton, you will need to appoint a solicitor on the Skipton conveyancing panel.
I've recently found out that there is a flying freehold element on a house I put an offer in a fortnight ago in what should have been a simple, chain free conveyancing. Port Isaac is the location of the property. What do you suggest?
Flying freeholds in Port Isaac are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Port Isaac you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Port Isaac 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 property.
I work for a long established estate agency in Port Isaac where we see a number of flat sales jeopardised due to short leases. I have been given inconsistent advice from local Port Isaac conveyancing firms. Can you confirm whether the owner of a flat can commence the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Port Isaac Leasehold Conveyancing - A selection of Queries before buying
-
Is there a share of the freehold? The best form of lease structure is where the freehold interest is in the ownership of the leaseholders. In this situation the leaseholders have control and even though a managing agent is frequently retained if the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves. Who is in charge of the building?
What are the differing property law services that Port Isaac conveyancing solicitors undertake?
Most Port Isaac conveyancing organisations can supply a number of assistance to home and land proprietors, sellers, first time buyers, freeholders and leaseholders including the following:
-
Residential sale conveyancing in Port Isaac and across the country
Home purchase conveyancing in Port Isaac and beyond
Probate sale conveyancing Freeholds or leaseholds having unregistered titles Declarations of Trust for family and other joint ownership Residential Remortgages