My lawyer has identified a a legal deficiency with the lease for the apartment we are purchasing in Covent Garden. The seller’s lawyers have put forward defective title insurance as a workaround. We are content with insurance and will cover the costs. Our solicitor has advised that he must be satisfied that the bank is happy with this solution. Who is the client here, us or the mortgage company ?
Notwithstanding that you have a mortgage offer from the bank 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 specifications. You and the mortgage company are the client. The appropriate lender conditions must be adhered to.
is it true that all Covent Garden solicitor firms on the Virgin Money conveyancing panel are overseen by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Virgin Money approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. Many mortgage companies do permit licenced conveyancers on their panel and in such a situation the practice would be regulated by the Council of Licensed Conveyancers.
We previously chose conveyancing lawyers located in Covent Garden on the Yorkshire BS solicitor approved list. They are now charging me a supplemental charge for handling the Yorkshire BS mortgage. Is this a supplemental conveyancing fee set by Yorkshire BS?
Unfortunately, so long as it is in their Terms of Engagement or estimate then yes your property lawyer can charge a fee for this. The charge is not set by Yorkshire BS but by your Covent Garden property lawyer. Numerous firms on the Yorkshire BS panel will quote ’dealing with mortgage’ fee but some practices include it on their overall fee.
I have today made my last payment due on my mortgage with HSBC. I assume I don't need a Covent Garden conveyancing practitioner on the HSBC panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your HSBC mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the HSBC mortgage from the register. HSBC, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where HSBC has sent the Land Registry the discharge electronically, and
- HSBC has instructed the Land Registry to do so
Are there restrictive covenants that are commonly identified as part of conveyancing in Covent Garden?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Covent Garden. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Due to the advice of my in-laws I had a survey completed on a property in Covent Garden ahead of retaining conveyancers. I have been advised that there is a flying freehold aspect to the house. Our surveyor advised that some banks tend refuse to grant a mortgage on a flying freehold premises.
It varies from the lender to lender. HSBC has different instructions from Halifax. If you contact us we can check with 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 Covent Garden. Conveyancing may be slightly more expensive based on your lender's requirements.
I am thinking of appointing a conveyancing lawyer in Covent Garden for my home move. Can I see a firm’s record with the legal regulator?
Anyone may read documented Solicitor Regulator Association (SRA) decisions arising from investigations commenced on or after 1 January 2008. Visit Check a solicitor's record. For information Pre 2008, or to check a solicitors record, ring 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 sometimes monitor telephone calls for training requirements.
My lawyers in Covent Garden have advised me that they can not locate my conveyancing file. To assist with my purchase I took out a mortgage with the lender. Is it case that being on the lender conveyancing panel they need to have retained the file for a number of years?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the mortgage company Conveyancing Panel Terms. It might be worth you contacting the mortgage company directly.