My conveyancer has discovered a a legal deficiency with the lease for the flat we are buying in Downham Market. The seller’s lawyers have put forward title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancer says that he must ensure that the mortgage company is content with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your solicitor will have no choice but to discontinue acting for you.
Is it the case that all Downham Market CQS (Conveyancing Quality Scheme) solicitors are on the Yorkshire BS conveyancing list of approved solicitors?
It is true that some banks and building societies now utilise CQS as the starting point for Panel membership such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their panels.
When it comes to mortgage companies such as Yorkshire BS, do Downham Market solicitors have to pay an annual charge to be on the list of approved solicitors?
We are unaware of any bank fees to be on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
Co-operative have agreed my home loan in principle, my offer on a property in Downham Market has been accepted, now what?
Your estate agent will want to know who your solicitors are (make sure the lawyers are on the lender’s approved list). Contact Co-operative or your financial adviser and finish off any outstanding forms. Co-operative will sellect a valuer who will get in touch with the estate agent or vendor to schedule a slot for the valuation to occur. Once conducted (assuming no problems) it takes about a fortnight for the mortgage offer to be issued. Co-operative will send the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Downham Market.
Will my conveyancer be raising questions about flooding during the conveyancing in Downham Market.
Flooding is a growing risk for lawyers carrying out conveyancing in Downham Market. Some people will acquire a property in Downham Market, fully expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or dispose of the property. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Solicitors are not best placed to offer advice on flood risk, however there are a various searches that may be undertaken by the purchaser or on a buyer’s behalf which will give them a better understanding of the risks in Downham Market. The standard completed inquiry forms given to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the owner to determine if the premises has ever been flooded. In the event that the premises has been flooded in past and is not disclosed by the owner, then a buyer may commence a claim for damages stemming from an incorrect answer. A buyer’s solicitors may also commission an environmental search. This will disclose if there is a recorded flood risk. If so, more detailed inquiries will need to be conducted.
I have a 4 bedroom Victorian house in Downham Market. Conveyancing solicitor acted for me and Birmingham Midshires. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, the second leasehold under the matching address. If a house is not a freehold shouldn't I have been informed?
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Downham Market and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the position with the conveyancing lawyer who conducted the work.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in two weeks back in what should have been a straight forward, no chain conveyancing. Downham Market is where the house is located. Can you shed any light on this issue?
Flying freeholds in Downham Market are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Downham Market you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Downham Market may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I am looking into buying my first house which is in Downham Market and I am already nervous. I couldn't find anything specific about Downham Market. Conveyancing will be needed in due course but do you know about the Downham Market area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Downham Market. In the meantime here are some basic statistics that we found