My solicitor has identified a a problem with the lease for the flat we are buying in Dartmouth. The seller’s lawyers have suggested defective title insurance as a workaround. We are happy with insurance and will pay for it. Our property lawyer has advised that he must be satisfied that the lender is happy with this solution. Who is the client here, us or the bank?
Regardless of the fact that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the mortgage company are the client. The appropriate lender specifications must be adhered to.
I am considering applying for a UBS mortgage for purchase of a newly converted (under development) in Dartmouth with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for UBS ?
There is nothing to stop you using your solicitor, but UBS will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
My wife and I are purchasing a apartment in Dartmouth. I might seem paranoid but how we can trust a solicitor? At some point we have to put money into their account. What protection do we have from them run away with our deposit?
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.
When it comes to lenders such as Virgin Money, do Dartmouth conveyancing practitioners face a yearly amount to be on the list of approved solicitors?
We are unaware of any lender fees to register on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
The mortgage over my property is with Bank of Ireland for my property in Dartmouth. Conveyancing has been completed 12 months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Bank of Ireland?
You must advise Bank of Ireland prior to renting your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. It may be that Bank of Ireland will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Bank of Ireland directly. It should not be necessary to do this via a Bank of Ireland conveyancing panel lawyer.
What will a local search inform me about the property we're buying in Dartmouth?
Dartmouth conveyancing often starts with the ordering local authority searches directly from your local Authority or through a personal search organisations such as Onsearch The local search plays a central role in many a Dartmouth conveyancing purchase; as long as you don’t want any nasty surprises after you move into your new home. The search will provide data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic areas.
I'm purchasing a new build house in Dartmouth with a mortgage from HSBC Bank. The sellers refused to budge the amount so I negotiated £7000 of fixtures and fittings instead. The property agent suggested that I not reveal to my lawyer about this side-deal as it would affect my mortgage with HSBC Bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
In my capacity as executor for the estate of my aunt I am selling a residence in Cardiff but I am based in Dartmouth. My lawyer (who is 235 kilometers from meneeds me to execute a stat dec before completion. Can you recommend a conveyancing lawyer in Dartmouth to witness this legal document for me?
Technically speaking you should not be required to have the documents witnessed by a conveyancing solicitor. Ordinarily or notary public or solicitor will be fine regardless of whether they are located in Dartmouth