Do lenders provide you with an approved list of Yarmouth conveyancing solicitors? How do you know who is on the HSBC conveyancing panel?
Yarmouth conveyancing firms themselves provide us confirmation that they are on the HSBC conveyancing panel as opposed to being supplied with a list from HSBC directly.
Are the BSA planning on creating a searchable register to list firms on the Norwich and Peterborough Building Society conveyancing panel for example in Yarmouth?
We have not been informed any intention on the part of the BSA to promote such a search facility.
I just bought a property at auction in Yarmouth. Conveyancing is necessary. What happens now?
Given that you have now for in every practical sense signed on the dotted line you now have to appoint a conveyancing practitioner quickly as you are facing a pending deadline in which to complete the transaction. Every auction property should have a bespoke legal pack. This should include evidence of title and search results. In the case of leasehold property the legal pack may contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork pertinent to leasehold premises. You should hand this to your appointed conveyancing solicitor at the earliest opportunity. Do make sure that that you have the requisite funding organised to complete on the date specified in the contract.
A friend advised me that in buying a property in Yarmouth there may be various restrictions affecting the ability to carry out external changes to the property. Is this right?
We are aware of a number of properties in Yarmouth which have some sort of restriction or requirement of consent to external changes. Part of the conveyancing in Yarmouth should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am the only recipient of my late father’s estate with all property in now in my sole name, including the house in Yarmouth. Conveyancing formalities meant that the Land Registry date was in June. I plan to dispose of the house. I understand that there is a Mortgage Lenders six month 'rule', meaning my proprietorship could be regarded the same way as though I had purchased the house in June. Do I have to wait 6 months to sell?
The CML handbook instructs 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 sensible a view banks take of it, depend on the mortgage company as this requirement chiefly exists to capture subsales or the wholesaling and assigning of property.
How does conveyancing in Yarmouth differ for newly converted properties?
Most buyers of new build premises in Yarmouth contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is ready to move into. This is because house builders in Yarmouth usually purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Yarmouth or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a house in Yarmouth ahead of appointing conveyancers. I have been advised that there is a flying freehold aspect to the property. The surveyor has said that some lenders may not issue a loan on a flying freehold property.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Halifax. If you call us we can check with the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Yarmouth. Conveyancing may be slightly more expensive based on your lender's requirements.
My offer on property in Yarmouth has been accepted, the vendor does however have a dependent purchase. The current proprietors have offered on somewhere, but it’s not yet agreed to, and has viewings of other properties in the pipeline. I have instructed a local conveyancing lawyer in Yarmouth. What do I do now? At what stage should I apply for the mortgage with Lloyds?
It is usual to have apprehensions where there is a chain given your reluctance to be too out of pocket prematurely (home loan application is in the region of £1k, then valuation, Yarmouth conveyancing search fees, etc). First, you should check that your property lawyer is on the Lloyds conveyancing panel. Concerning the next stages this very much depends on the circumstances of your transaction, desire for the property and on the state of the market. In a rising market many home buyers would apply for the mortgage with Lloyds and arrange for the survey and only if it was satisfactory would they ask their property lawyer to press on with the conveyancing in Yarmouth.