Our conveyancer has discovered a defect with the lease for the apartment we are buying in Great Coates. The seller’s lawyers have suggested title insurance as a workaround. We are content with insurance and will cover the costs. Our property lawyer says that he must be satisfied that the bank is willing to move forward with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender 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.
It is 10 years ago since I bought my home in Great Coates. Conveyancing solicitors have now been retained on the sale but I can't track down my title documents. Is this a major issue?
Don’t worry too much. First the deeds may be kept by your lender or they could stored with the solicitor who handled your purchase. Secondly the chances are that the land will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors obtaining up to date copy of the land registers. Almost all conveyancing in Great Coates involves registered property but in the unlikely event that your home is unregistered it adds to the complexity but is not insurmountable.
My grandfather passed away six months ago and as sole heir and executor I was left the property in Great Coates. The house had a relatively small loan left on it of around £8000. I want to have the title changed into my name whilst I re-mortgage to Principality, pay off the mortgage. Is this allowed?
Where you intend to refinance then Principality will require that you use a conveyancer on the Principality conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Principality conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Principality mortgage is registered as a charge at the Land Registry.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Great Coates?
There are many registered licenced Conveyancers in Great Coates and Solicitor practices in Great Coates who provide Conveyancing services It is important to make clear that the two are regulated professionals specialising in the legal work in the home buying process. Both can conduct associated property related work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
My partner and I are in the throws of looking at houses in Great Coates and I am about to put in an offer. Should I already have a conveyancer appointed at this stage? I intend to finance via a mortgage with Aldermore.
It would be prudent to commence your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their contact information on to the EA. Given that you are seeking a mortgage with Aldermore, ask your prospective lawyers if they are on the Aldermore conveyancing panel otherwise they can't do the mortgage legal work.
I have decided to exercise my right to buy my property in Great Coates off the council. I have a mortgage agreed with Nationwide. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Nationwide, you will need to appoint a solicitor on the Nationwide conveyancing panel.
Should our conveyancer be raising enquiries concerning flooding during the conveyancing in Great Coates.
Flooding is a growing risk for lawyers dealing with homes in Great Coates. Some people will acquire a property in Great Coates, fully aware that at some time, it may be flooded. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the premises. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Lawyers are not best placed to offer advice on flood risk, but there are a numerous searches that may be carried out by the purchaser or on a buyer’s behalf which will give them a better understanding of the risks in Great Coates. The standard information given to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the vendor to determine if the premises has historically flooded. If flooding has previously occurred which is not notified by the seller, then a purchaser could issue a compensation claim as a result of such an incorrect response. A purchaser’s lawyers will also order an enviro report. This will reveal if there is a recorded flood risk. If so, more detailed investigations should be made.
Are Great Coates conveyancing solicitors under an obligation to the Law Society to publish clear conveyancing figures?
Inbuilt into the Solicitors Code of Conduct are prescriptive rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their charges to clients.The Law Society have practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not intended as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, nevertheless, constitute the Law Society’s view of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in Great Coates or further afield.