We wanted to use a property lawyer in St Mawes for our house move. Our broker informed us that our mortgage company Virgin Money won't deal with them. Surely this is unduly restrictive?
Lenders in the main imposes restrictions either the category or the volume of conveyancing solicitors on their panel. Typical examples of such criteria being that a law practice must not be a sole practitioner. As well as restricting the profile of firm, a few banks have decided to limit the amount of solicitor practices they use to act for them. Be aware that Virgin Money have no responsibility for the quality of advice provided by any member of Virgin Money Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of solicitor panels since 2008 even though there are mixed opinions regarding the extent of solicitor involvement in some of that fraud. Figures from the Land Registry indicate that thousands of law firms, including some in or near St Mawes only perform one or two conveyances a year.
We expect to receive a OIP from RBS this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do RBS recommend any St Mawes solicitors on the RBS conveyancing panel, or is it better to go independently?
You will need to appoint St Mawes solicitors independently although you'll need to choose one on the RBS conveyancing panel. The solicitor represents both you and RBS through the process.
I am due to exchange contracts on my apartment. I had a double glazing fitted in April 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Skipton are being pedantic. The St Mawes solicitor who is on the Skipton conveyancing panel is recommending indemnity insurance as a solution but Skipton are insisting on a building regulation certificate. Why do Skipton have a conveyancing panel if they don't accept advice from them?
It is probably the case that Skipton have referred the matter to their valuer. The reason why Skipton may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I was told two weeks ago that my mortgage has been agreed to by Nationwide. Is it usual for Nationwide to only issue the offer once my solicitor in St Mawes is approved on their conveyancing panel? Nationwide have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Nationwide to deal with your lawyer's application to be on the Nationwide conveyancing panel. There's no guarantee that your solicitor will be accepted.
Will my conveyancer be raising questions regarding flooding during the conveyancing in St Mawes.
Flooding is a growing risk for conveyancers dealing with homes in St Mawes. There are those who acquire a house in St Mawes, fully aware that at some time, it may be flooded. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the premises. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Solicitors are not qualified to give advice on flood risk, however there are a numerous searches that may be undertaken by the buyer or by their lawyers which can give them a better understanding of the risks in St Mawes. The standard information given to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) contains a standard inquiry of the vendor to find out if the premises has historically flooded. In the event that flooding has previously occurred which is not notified by the owner, then a purchaser may issue a claim for damages stemming from an incorrect reply. The purchaser’s conveyancers may also commission an enviro search. This will higlight if there is a recorded flood risk. If so, further inquiries will need to be conducted.
I've recently found out that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a quick, chain free conveyancing. St Mawes is the location of the property. Is there any advice you can impart?
Flying freeholds in St Mawes are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in St Mawes you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in St Mawes 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 property.
Hoping to buy a property located in St Mawes and I am already nervous. I couldn't find anything specific about St Mawes. Conveyancing will be needed in due course but do you know about the St Mawes area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at St Mawes. In the meantime here are some basic statistics that we found
Me and my wife accepted an offer on a St Mawes flat we inherited seven years ago in 2011. I have over a decades worth of conveyancing knowledge and, although retired, wish to carry out the legal work. The buyer's property lawyer has informed me that their building society will not allow us to do our own conveyancing insisting the funds to be sent to a solicitor's bank account.
Mortgage instructions to conveyancing practitioners from all mainstream lenders specify that If the seller is not legally represented the borrower's lawyers should check whether the lender needs to be told so that a decision can be reached if they are prepared to move forward.