Our conveyancer has discovered a a problem with the lease for the property we are buying in Bishops Castle. The seller’s lawyers have offered title insurance as a workaround. We are content with insurance and will pay for it. Our solicitor has advised that he must ensure that the mortgage company is willing to move forward with this solution. Are we the client or is the bank?
Notwithstanding that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the bank are the client. These conveyancing instructions must be adhered to.
Is there a reason why leasehold purchase conveyancing in Bishops Castle is more expensive?
Bishops Castle leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
My wife and I are buying a house in Bishops Castle. It might be a silly question but how we can trust a solicitor? At some point we will need to send our life savings into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I currently have a mortgage with Coventry BS for my property in Bishops Castle. Conveyancing was finalised 12 months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Coventry BS?
Coventry BS must be informed of your intention before letting out your property as this is likely to be a breach of Coventry BS’s mortgage conditions. It may be that Coventry BS will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Coventry BS directly. It should not be necessary to do this via a Coventry BS conveyancing panel firm.
Bank of Ireland have agreed my mortgage in principle, my bid on a property in Bishops Castle has been accepted, what are the next steps?
The estate agent will wish to be informed of your conveyancer's details (be sure the conveyancing practitioners are on the lender’s approved list). Telephone Bank of Ireland or your broker and finish off any outstanding forms. Bank of Ireland will appoint a valuer who will get in contact with the selling agent or vendor to schedule a time for the valuation to happen. Once carried out (assuming no problems) it takes on average a week for the mortgage offer to be issued. Bank of Ireland will issue the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Bishops Castle.
I opted to have a survey done on a house in Bishops Castle ahead of instructing lawyers. I have been told that there is a flying freehold overhang to the house. My surveyor advised that some lenders may not grant a mortgage on a flying freehold premises.
It depends who your proposed lender is. Bank of Scotland has different requirements from Halifax. Should you wish to call us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Bishops Castle. Conveyancing will be smoother if you use a solicitor in Bishops Castle especially if they regularly deal with such properties in Bishops Castle.
My husband and I are novice buyers - had an offer accepted, but the property agent has warned us that the seller will only proceed if we use the agent's chosen conveyancers as they need a ‘quick sale’. Our preferred option is to instruct a family conveyancer used to conveyancing in Bishops Castle
It is improbable the sellers are driving this. Should the seller want ‘a quick sale', taking such a hostile approach to a genuine purchaser is going to damage their objectives. Try to communicate with the owners directly and make sure they comprehend that (a)you are motivated buyers (b)you are ready to progress, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)however you will continue to appoint your preferred Bishops Castle conveyancing solicitors - as opposed tothe ones that will give their negotiator at the agency a introducer fee or meet his conveyancing thresholds demanded by HQ.
A licensed conveyancer handled my conveyancing in Bishops Castle four years ago having retained my deeds but has since been shut down – What steps do I now take to get hold of these?
Title deeds, as such, no longer exist as most homes in Bishops Castle are recorded electronically at Land Registry. Where you need to show ownership or are disposing of or refinancing your conveyancing practitioner will need to obtain up to date copies of the register from the Land Registry in any case.
If you feel there may be other documents or you have any other queries please e-mail your request with details of the transaction and documents you need to filerequest@clc-uk.org. The CLC will let you know what information they have and any additional information they may need before they are in a position to identify and send the documents to you. Following an intervention it may take some time for the CLC to access archived files and documents, but your request will be actioned with reasonable haste.