I am obtaining a mortgage with Nat West. I hope to use a Licensed Conveyancer in Hanworth. Does the Nat West Solicitor panel allow for Licensed Conveyancers?
The Nat West conveyancing panel is, like many other lenders, associated to the CML or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
The Hanworth conveyancing firm handling our Hanworth conveyancing has identified a discrepancy when comparing the information in the home valuation report and what is in the legal papers for the property. My lawyer has advised that he needs to check that the lender is happy with this discrepancy and is still content to lend. Is my conveyancer’s approach right?
Your solicitor must comply with the UK Finance Lenders’ Handbook specifications 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.
My bid for a property was accepted at auction in Hanworth. Conveyancing is necessary. What are my next steps?
Having legally committed yourself to purchase you will need to find a conveyancing solicitor as a matter of urgency as you will have a tight deadline in which to complete the transaction. Every auction property will ordinarily have an associated auction set of papers. This should include most,if not all of the paperwork that your solicitor requires. If you have purchased leasehold premises the conveyancing pack should contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation relating to leasehold premises. You need to hand this to the lawyer working for you at the earliest opportunity. You also need to ensure that you have funds in place to complete the transaction on the set completion date.
My conveyancer has informed me that missing deeds insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Hanworth?
The appropriate level of missing deeds indemnity insurance depends on who your lender is. It would differ for example between Santander and The Royal Bank of Scotland. Conveyancing practitioners as opposed to members of the public take out such insurances.
I recently had an offer agreed on a house in Hanworth. My mortgage broker recommended their conveyancers. I paid an on account payment of £175. A couple of days later, the property lawyer contacted me embarrassingly acknowledging that they were not on the TSB conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the TSB panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Should commercial conveyancing searches reveal proposed roadworks that may impact a commercial premises in Hanworth?
Its becoming the norm that commercial conveyancing solicitors in Hanworth will execute a SiteSolutions Highways report as it reduces the time that conveyancers spend in investigating accurate data on highways that impact buildings and development assets in Hanworth. The report provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Hanworth.
For each commercial conveyancing transaction in Hanworth it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately can result in delays to Hanworth commercial conveyancing transactions as well as present a risk to future plans for the site. These searches are not conducted for residential conveyancing in Hanworth.
Are there restrictive covenants that are commonly picked up during conveyancing in Hanworth?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Hanworth. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
We own a leasehold flat in Hanworth. Conveyancing was finalised in 2009. I have heard that I should not let the lease length get too short. What is the reasoning?
Hanworth residential long term leases are for a set period - often just under one hundred years when they commenced. However many appartments in Hanworth were constructed or converted in the 60’s and so such leases now have less than 80 years remaining. That may seem like plenty of time however Banks, Building Societies and other mortgage lenders tend to require leases to have at least seventy five years left to be mortgageable. This means that when you come to sell the property you will need a lease extension if you are approaching eighty years. To optimize your property value you should be thinking about whether or not to extend your lease well in advance of selling the property. Furthermore strong financial reasons to taking action before the lease hits 80 years as when the lease falls below eighty years the amount you have to pay to extend starts to escalate.