Our solicitor has identified a a problem with the lease for the property we are purchasing in Costessey. The other side have offered defective title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancer says that he must be satisfied that the lender is willing to move forward with this solution. Are we the client or is the lender?
Notwithstanding that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the lender are the client. These conveyancing instructions must be adhered to.
Why do I have to pay up front when it comes to conveyancing in Costessey?
Where you are retaining lawyers for conveyancing in Costessey your lawyer will request that you put them with monies to cover the search fees. Normally this is called for to cover the fees of the conveyancing searches. If any down payment is payable against the total price then this will be asked for immediately ahead of contracts are exchanged. Any further balance that is due will be payable a few days prior to the completion date.
We wanted to use a property lawyer in Costessey for our house move. Our broker informed us that our mortgage lenders Nottingham Building Society won't deal with them. Why is this not regarded as unduly restrictive?
A decade ago most banks had an appetite for risk which was higher than today. Almost all Costessey conveyancing firms would have been on many mortgage company panels. The FSA in 2010 carried out a thematic review into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more data from law firms regarding their operations and the individuals who work for them and establishing certain criteria such a completing on a minimum number of transactions. Many Costessey conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Costessey is amongst the numerous areas where the solicitors we list are are approved Nottingham Building Society.
Me and my partner are purchasing a flat in Costessey. I might seem paranoid but how we can trust a lawyer? On the day of competition we will need to send funds into their account. What is the protection 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.
Forgive me if this question is silly but I am wet behind the ears as a 1st time buyer of a ground floor flat in Costessey. Do I receive the keys to the premises on completion from my solicitor? If this is the case, I will find a local conveyancing solicitor in Costessey?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the completion advance to the seller's lawyers, and once they have received this, you will be called to collect the keys from the selling Agents and move into your new home. This tends to happen between 1 and 3pm.
Please help - my lawyer advises that flying freehold insurance is needed on my purchase. What is the level of cover for Costessey conveyancing?
The appropriate level of flying freehold indemnity insurance depends on your lender. It would differ for example between Accord Mortgages Ltd and Virgin Money. Conveyancing lawyers as opposed to borrowers take out such insurances.
Various online forums that I have visited warn that are the number one reason for obstruction in Costessey house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of hindrances during the legal transfer of property. Local searches are not likely to be the root cause of holding up conveyancing in Costessey.
I have been sourcing a conveyancing practitioner in Costessey for my home move. Is it possible to see a firm’s complaints history with the legal regulator?
One can search for presented Solicitor Regulator Association (SRA) determinations stemming from investigations started on or after 1 January 2008. Visit Check a solicitor's record. To find details about the period before 1 January 2008, or to check a firm's history, phone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, call +44 (0)121 329 6800. The SRA may recorded telephone calls for training purposes.