I am not in a position to travel far from East Cowes. Is there a reason why all East Cowes conveyancing practitioners aren't included on all mortgage company panels?
Even though it may seem unfair for banks to limit who can act for them, from the public’s or solicitor’s point of view, the the contrary view is that mortgage companies are becoming ever more anxious and feel it essential to defend themselves against illegal activities. As a result of this concern mortgage companies are limiting their conveyancing panel to a size that they are happy to control.
My East Cowes lawyer has discovered an inconsistency between the surveyor’s assumptions in the valuation report and what is revealed within the conveyancing documents. My solicitor says that he must ensure that the bank is OK with this discrepancy and is still content to lend. Is my lawyer’s approach appropriate?
Your property lawyer must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
What does my ID and proof of funds have anything to do with my conveyancing in East Cowes? Why is this being asked of me?
Anti-terror and anti-money-laundering laws require solicitors and licensed conveyancers to check the identification documents of the potential client they are dealing with prior to agreeing to accepting their conveyancing business. The Client Care letter that you are required to sign should reaffirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Where you are unwilling to hand over ID verification documents, your solicitor can not take you on as a client.
We are selling our house in East Cowes. Does the property lawyer need to be on the Lloyds conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Lloyds conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently at the moment.
I am looking for a leasehold apartment up to £195,000 and identified one close by in East Cowes I like with open areas and transport links nearby, the downside is that it's only got 49 years unexpired on the lease. There is not much else in East Cowes for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a home loan that many years 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 premises for at least 2 years you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
I need to retain a conveyancing solicitor for purchase conveyancing in East Cowes. I've stumble upon a web site which seems to have the perfect answer If there is a chance to get all the legals completed via phone that would be preferable. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?