Our solicitor has discovered a a problem with the lease for the property we are buying in Southwater. The other side have offered defective title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancing practitioner has advised that he must check that the lender is happy with this solution. Who is the client here, us or the mortgage company ?
Notwithstanding that 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 provisions. You and the lender are the client. These conveyancing instructions have to be complied with.
is it true that all Southwater solicitor practices on the Kent Reliance conveyancing panel are governed by the SRA?
As solicitors, in order to be on the Kent Reliance conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Some mortgage companies do permit licenced conveyancers on their panel and in that case the organisation would be overseen by the CLC.
Two weeks ago we had a mortgage agreed in principle with Coventry BS. Southwater conveyancing solicitors have been instructed. How long does it take for Coventry BS to issue the offer to the conveyancing practitioner?
Some lenders take longer than others. Have Coventry BS completed the survey? Have you informed Coventry BS as to your lawyers' details and checked that your lawyers are on the Coventry BS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
My sealed bid on a detached house in Southwater has been accepted, the sellers do nevertheless have an associated purchase. The owners have offered on on an apartment, however it’s not yet agreed to, and are looking at other apartments booked. I have selected a high street conveyancing solicitor in Southwater. What do I do now? At what stage do I apply for the mortgage with Nottingham?
It is normal to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is in the region of £1k, then valuation, Southwater conveyancing search fees, etc). First, you must ensure that your property lawyer is on the Nottingham approved list. As to the next steps this very much dictated by the circumstances of your transaction, attraction to the property and on the state of the market. During a hot market many home buyers will apply for a home loan with Nottingham and arrange for the valuation and only if it comes back ok would they ask their property lawyer to move forward with the conveyancing in Southwater.
I'm purchasing a new build house in Southwater with the aid of help to buy. The sellers would not reduce the price so I negotiated 6k of extras instead. The estate agent told me not inform my lawyer about the extras as it will affect my loan with The Royal Bank of Scotland. Is this normal?.
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.
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 was supposed to be a straight forward, no chain conveyancing. Southwater is where the house is located. Can you offer any guidance?
Flying freeholds in Southwater are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Southwater you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Southwater may ascertain 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 residence.
As co-executor for the estate of my aunt I am selling a house in Cardiff but live in Southwater. My solicitor (based 250 kilometers from mehas requested that I execute a statutory declaration prior to completion. Could you suggest a conveyancing practitioner in Southwater to witness this legal document for me?
Technically speaking you should not be required to have the documents attested by a conveyancing solicitor. Normally any notary public or solicitor will suffice regardless of whether they are located in Southwater
We have appointed a Southwater conveyancing solicitor for our home move (first time buyers) and have noticed in the terms and conditions that they are not overseen by the Financial Conduct Authority. Need I be concerned or is that standard with property lawyer?
We can't see why they should be. Most solicitor don't lend money. You should check that they are regulated by the Solicitors Regulation Authority, who dictate strict stipulations in relation to amounts held by them.