My wife and I are planning to purchase a property in East Hunsbury and have appointed a East Hunsbury conveyancing practice. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Platform Home Loans Ltd have this afternoon contacted us to advise us that they have now hit a problem as our East Hunsbury solicitor is not on their approved list of lawyers. What do we do from here?
Where you are buying a property needing a mortgage it is conventional for the purchasers' solicitors to also represent the mortgage company. 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 don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own East Hunsbury solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
In scouring mumsnet.com for a high-quality solicitor in East Hunsbury, most comment that I should look for a CQS assured solicitor. Can you explain what CQS is?
The Law Society's Conveyancing Quality Scheme is the recognised kitemark for legal experts in home ownership transfers, trusted by some of the UK's biggest banks. Four years ago the Conveyancing Quality Scheme was officially recognised by the Council of Mortgage Lenders (CML). The scheme does not cover licenced conveyancers. East Hunsbury is one of the many areas in England and Wales where there are CQS solicitors.
I happen to be the single beneficiary of my late mum's estate with all property in now in my sole name, including the house in East Hunsbury. Conveyancing formalities meant that the Land Registry date was in March. I plan to dispose of the property. I understand that there is a CML six month 'rule', which means that my property ownership could be regarded the same way as if I'd bought the property in March. Will no one buy the property for half a year?
The CML handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. Most banks would take a pragmatic view as this clause principally exists to capture subsales or the wholesaling and assigning of property.
We have a mortgage agreed in principle with Principality. East Hunsbury conveyancing solicitors have been instructed. How long does it take for Principality to issue the offer to the property lawyer?
Some lenders take longer than others. Have Principality completed the valuation? Have you advised Principality as to your lawyers' details and checked that your lawyers are on the Principality conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I am selling my apartment. I had a double glazing fitted in January 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Nationwide are being a right pain. The East Hunsbury solicitor who is on the Nationwide conveyancing panel is saying indemnity insurance will be fine but Nationwide are requiring a building regulation certificate. Why do Nationwide have a conveyancing panel if they don't accept advice from them?
It is probably the case that Nationwide have referred the matter to their valuer. The reason why Nationwide may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I require fast conveyancing in East Hunsbury as I am under an ultimatum to complete inside one month. Fortunately I do not need a mortgage. Can I decline from having conveyancing searches to save fees and time?
As you are are a cash buyer you have the choice not to have searches conducted although no lawyer would suggest that you don't. With plenty of history conveyancing in East Hunsbury the following are examples of what can be revealed and adversely impact the marketability of the property: Enforcement Notices, Overdue Charges, Outstanding Grants, Road Schemes,...
How does conveyancing in East Hunsbury differ for newly converted properties?
Most buyers of new build premises in East Hunsbury come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is finished. This is because new home sellers in East Hunsbury tend to purchase 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 property lawyers 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 accustomed to new build conveyancing in East Hunsbury or who has acted in the same development.
I have been on the look out for a flat up to £305k and found one round the corner in East Hunsbury I like with open areas and station nearby, however it's only got 49 years on the lease. There is not much else in East Hunsbury suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a home loan that many years will likely be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you can ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.