My partner and I are planning to buy a property in Hayle and are in fact using a Hayle conveyancing practice. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Virgin Money have this evening contacted us to advise us that they have now hit a problem as our Hayle solicitor is not on their conveyancing panel. What do we do from here?
If you are buying a property requiring a mortgage it is conventional for the purchasers' lawyers to also act for the purchaser's lender. 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 Quality Scheme. Your property lawyer should contact your bank 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 lender’s conveyancing panel as you are at liberty to use your preferred Hayle lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
We see that you have a search directory identifying law firms on the Principality conveyancing panel. Do firms pay you a commission if I appoint them for our conveyancing in Hayle?
We are a listing service only for law firms wishing to communicate if they are on the Principality conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Hayle.
This question may be naive but I am new to the process as FTB of a two bedroom flat in Hayle. Do I pick up the keys to the property on the completion date from my conveyancer? If so, I will use a High Street conveyancing solicitor in Hayle?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will arrange to send the purchase money to the owner’s lawyers, and once they have received this, you should be called to pick up the keys from the Estate Agents and start moving into the property. This tends to happen early afternoon.
A colleague advised me that in purchasing a property in Hayle there may be a number of restrictions prohibiting external alterations to a property. Is this right?
There are a number of properties in Hayle which have some sort of restriction or requirement of consent to execute external alterations. Part of the conveyancing in Hayle should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I have been told by my conveyancer that breach of easement insurance is needed on my purchase. What is the level of cover for Hayle conveyancing?
The appropriate level of breach of easement indemnity insurance depends on who your lender is. It would differ for example between National Westminster Bank and Norwich and Peterborough Building Society. Conveyancing solicitors as opposed to members of the public take out such insurances.
I am buying a new build house in Hayle benefiting from help to buy. The sellers would not budge the amount so I negotiated five thousand pounds worth of additionals instead. The estate agent told me not to tell my lawyer about the side-deal as it may adversely affect my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in a fortnight ago in what should have been a quick, chain free conveyancing. Hayle is the location of the property. Can you shed any light on this issue?
Flying freeholds in Hayle are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Hayle you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hayle may determine 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 premises.
Should one as executor remove a deceased person's name from the title deeds for a property in Hayle?
Where a Hayle property is jointly owned and one of the proprietors dies, the name will not immediately be removed from the Land Registry title. You are not required to remove their name as when it comes to a disposal your conveyancer would simply be asked to supply proof as to the reason the joint proprietor is not a party to the transfer, such as the probate documents.
With the aim of making the sale conveyancing smoother for the sale of the property you may apply to have the deceased party removed from the title by applying to HMLR with evidence of the death. There is no fee from the Registry for this service.