I am mortgaging my flat in Bowthorpe, does my lawyer need to be on the UBS Solicitor panel?
In theory, you could use a solicitor that is not on the UBS conveyancing panel, but UBS would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
I have been told that property searches are the primary cause of obstruction in Bowthorpe conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of delays in the conveyancing process. Searches are unlikely to be the root cause of holding up conveyancing in Bowthorpe.
My wife and I own a renovated Victorian property in Bowthorpe. Conveyancing lawyer acted for me and Barclays . I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, the second leasehold with the exact same address. I'd like to know for sure, how can I find out??
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Bowthorpe and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the position with the conveyancing lawyer who carried out the work.
How does conveyancing in Bowthorpe differ for new build properties?
Most buyers of new build residence in Bowthorpe contact us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is constructed. This is because house builders in Bowthorpe typically buy the land, 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 conveyancers 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 Bowthorpe or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a property in Bowthorpe in advance of instructing conveyancers. I have been informed that there is a flying freehold element to the property. Our surveyor advised that some lenders tend not grant a loan on this type of home.
It varies from the lender to lender. Bank of Scotland has different requirements from Nationwide. Should you wish to telephone us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Bowthorpe. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Bowthorpe to see if the conveyancing will be more expensive.
Our lawyer in Bowthorpe has identified a a legal deficiency with the lease for the property we are purchasing in Bowthorpe. The seller’s lawyers have put forward defective title insurance as a solution. We are content with insurance and will pay for it. Our solicitor has advised that as he is on the bank conveyancing panel he must be satisfied that the lender is happy with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. A precondition to being on the mortgage company approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.