I can't travel far from St Ives. I would like to know the understand why all St Ives conveyancing practitioners are not on all mortgage company panels?
Lenders highlight the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud annually.The dismissal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for mortgage companies to review their conveyancing panels, which triggered a major policy change in the sector. It led to mortgage companies pruning less reputable firms off their panel of approved lawyers .
I am buying a property for cash in St Ives. I have resided for the previous dozen years in St Ives. Conveyancing searches are expensive. As I know the area and road intimately should I not bother getting the solicitor to do all the conveyancing searches?
If you not getting a mortgage, then almost all of the St Ives conveyancing searches are at your discretion. Your lawyer will try and sway you, no-doubt strongly, that you should have searches completed, but she has a professional duty to take that path of advice. One thing to consider; if you are going to dispose of the house at a future date, it may be of relevance to your prospective purchaser what the searches disclose. Sometimes premises with apparent issues can still throw up unfavourable search results. A competent conveyancing solicitor in St Ives should provide you some sensible guidance here.
Please explain the implications if my lawyer’s firm is suspended from the Santander Solicitor panel ahead of completing my conveyancing in St Ives?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
My lawyer has informed me that lack of building regulations insurance is necessary on my purchase. What is the level of cover for St Ives conveyancing?
The right level of lack of building regulations indemnity insurance should be dictated by who who your lender is. It would differ for example between Nationwide Building Society and The Royal Bank of Scotland. Conveyancing solicitors as opposed to members of the public take out such insurances.
I am purchasing a property in St Ives. A rare aspect is that the roof has a solar panel. Nationwide have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Nationwide your lawyer must follow the conveyancing requirements outlined in Part two of UK Finance Lenders’ Handbook for Nationwide. The CML Handbook includes minimum requirements for solar panel roof-space leases, and conveyancers are required to report to Nationwide where a lease fails to meet these provisions. The conditions relate to the installation of panels on properties countrywide and is not limited to St Ives.
I've digested plenty of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local St Ives solicitor - who is on the Nationwide conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Nationwide will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nationwide will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own St Ives surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
About to purchase a new build apartment in St Ives. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in St Ives
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There must be mutual enforceability of lessee’s covenants. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please supply a car parking plan.
I need to retain a conveyancing solicitor for leasehold conveyancing in St Ives. I have chance upon a site which looks to be the ideal answer If there is a chance to get all formalities done via phone that would be ideal. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?