We are buying a 2 bedroom apartment in Cumberland with a mortgage. We wish to retain our Cumberland lawyer, however the mortgage company says she’s not on their "panel". It appears that we have little option but to appoint one of the bank panel conveyancing practices or keep our Cumberland solicitor and pay for one of their panel firms to act for them. We feel that this is inequitable; is there anything we can do?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Cumberland conveyancing lawyer to apply to be on the conveyancing panel.
There is lots of information on this site regarding conveyancing in Cumberland but what is your top tip for appointing the right conveyancer in Cumberland
We would encourage you not to go for the lowest Cumberland conveyancing costs illustration. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in advance.
I'm the single recipient of my late grandmother’s estate and I have everything in my name alone, including the my former home in Cumberland. The Cumberland property was put into my name in February. I plan to dispose of the house. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my property ownership may be regarded the same way as if I'd bought the house in February. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be affected by that. Most lenders would take a practical view as this clause is principally there to pick up on the purchase and immediately sell or the quick reselling of properties.
When it comes to lenders such as Nationwide, do Cumberland solicitors incur a yearly amount to be on the conveyancing panel?
We are not aware of any bank fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
Will my conveyancer be raising enquiries about flooding during the conveyancing in Cumberland.
Flooding is a growing risk for solicitors carrying out conveyancing in Cumberland. Some people will acquire a property in Cumberland, fully expectant that at some time, it may suffer from flooding. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or dispose of the premises. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Conveyancers are not qualified to offer advice on flood risk, however there are a number of searches that can be carried out by the buyer or on a buyer’s behalf which should figure out the risks in Cumberland. The conventional set of property information forms given to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) includes a usual question of the vendor to discover if the property has suffered from flooding. If flooding has previously occurred which is not notified by the owner, then a purchaser could bring a legal claim for losses stemming from an misleading answer. A purchaser’s solicitors may also order an environmental search. This will disclose if there is a recorded flood risk. If so, further investigations will need to be initiated.
Just bought a terraced house in Cumberland , how long will it take for the Land Registry to register my ownership? My Cumberland conveyancing solicitor works at snail pace, so I want to check that my purchase is recorded.
There is nothing unique when it comes to conveyancing in Cumberland registration formalities. As opposed to being determined by geographic area, timescales can vary depending on who lodges the application, whether it is in order and whether the Land registry have to notify any 3rd parties. Currently in the region of three quarters of submission are completed within 12 days but occasionally there can be longer hold-ups. Historically registration is effected once the purchaser has moved in to the property thus 'speed' is not typically top priority yet if it is urgent that the the registration takes place urgently then you or your conveyancer should contact the land registry and explain the circumstances.
How does conveyancing in Cumberland differ for newly converted properties?
Most buyers of new build or newly converted property in Cumberland come to us having been asked by the developer to exchange contracts and commit to the purchase even before the property is ready to move into. This is because house builders in Cumberland usually 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 used to new build conveyancing in Cumberland or who has acted in the same development.
Our lawyer in Cumberland has discovered a a legal deficiency with the lease for the flat we are buying in Cumberland. The other side have offered title insurance as a workaround. We are content with insurance and will pay for it. Our lawyer has advised that as he is on the mortgage company conveyancing panel he must be satisfied that the lender is happy with this solution. Who is the client here, us or the mortgage company?
Just because you have a mortgage offer from the mortgage company does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Cumberland conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the bank are the client. The appropriate lender requirements have to be complied with by the bank conveyancing panel who has to balance acting for you and the bank