My partner and I are hoping to purchase a home in Cumberland and have appointed a Cumberland conveyancing practice. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Lloyds TSB Bank have this morning contacted us to inform me that they have now hit a problem as our Cumberland lawyer is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is usual for the purchasers' solicitors to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Cumberland lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Due to complete my purchase in Cumberland next Tuesday. My lawyer now wants me to supply her with proof of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the bank. What risks does the bank expect the insurance to cover?
Any lawyer on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook instructions. These obligations are not limited to conveyancing in Cumberland.
five months have gone by following my purchase conveyancing in Cumberland concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am looking for a ground for flat up to £245,000 and found one close by in Cumberland I like with open areas and station nearby, the downside is that it's only got 49 years on the lease. I can't really find anything else in Cumberland for this price, so just wondered if I would be making a grave error buying a short lease?
If you require a home loan the shortness of the lease will be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for at least twenty four months you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
Should I be wary by third parties that I am dealing with are encouraging me to use a web based conveyancing firm as opposed to a local Cumberland conveyancing firm?
As is the case with many service providers, often recommendations from relatives can be extremely useful or valuable. Nevertheless there are numerous people with a vested interest in a conveyancing transaction; estate agents, mortgage brokers and lenders may recommend conveyancers to choose. On occasion these conveyancers might be known to one of the organisations as being good in their field, but occasionally there may be a financial incentive behind the recommendation. You have the right to appoint your preferred lawyer. You need to be aware that some lenders operate an approved list of solicitors you must use for the lender related work in your conveyancing.
As co-executor for the estate of my father I am selling a residence in Cardiff but reside in Cumberland. My solicitor (who is 200 miles from mehas requested that I sign a stat dec prior to the transaction finalising. Could you suggest a conveyancing practitioner in Cumberland to witness this legal document for me?
strictly speaking you are unlikely to need to have the documents attested by a conveyancing solicitor. Normally any notary public or solicitor will suffice regardless of whether they are located in Cumberland