Our solicitor has uncovered a defect with the lease for the property we are buying in Herefordshire. The seller’s lawyers have suggested defective title insurance as a solution. We are happy with insurance and will cover the costs. Our conveyancing practitioner has advised that he must ensure that the mortgage company is willing to move forward with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender are the client. Your property lawyer 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 mortgage company 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.
We see that you have a search directory listing firms on the Virgin Money conveyancing panel. Do firms pay you a referral fee if I retain them for our conveyancing in Herefordshire?
We are a listing service only for law firms wishing to communicate if they are on the Virgin Money conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Herefordshire.
I just bought a house at auction in Herefordshire. Conveyancing is needed. What happens now?
Now that you have for all intents and purposes signed on the dotted line you should find a conveyancing solicitor quickly as you will have a fast approaching a fixed date to complete the conveyancing. An auction property should have an associated legal pack. This will include most,if not all of the documents that your conveyancer will need. In the case of leasehold property the conveyancing pack may contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation specific to leasehold premises. You should give this to your appointed conveyancing solicitor at the earliest opportunity. You also need to ensure that that you have the requisite funding organised to complete the transaction on the set completion date.
I'm in the process of looking at apartments in Herefordshire and I am about to put in an offer. Is it too early to have a solicitor in place? I intend to finance via a home loan with TSB.
It would be advisable to start your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on to the EA. As you are seeking a mortgage with TSB, ask your prospective lawyers if they are on the TSB conveyancing panel otherwise they can't do the mortgage legal work.
At last I have had an offer on an apartment in Herefordshire agreed to, the sellers do however have an associated purchase. The owners have offered on a flat, however it’s not yet tied up, and have viewings of other flats in the pipeline. I have instructed a bricks and mortar conveyancing solicitor in Herefordshire. What do I do now? When do I get the mortgage application with TSB started?
It is normal to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is in the region of one thousand pounds, then valuation, Herefordshire conveyancing search fees, etc). First, you must check that your solicitor is on the TSB approved list. Concerning the subsequent stages this very much dictated by the specifics of your transaction, motivation for the property and on the state of the market. In a rising market some home buyers would apply for the mortgage with TSB and arrange for the valuation and only if it comes back ok would they ask their property lawyer to press on with searches.
I know that there are debates on Chancel Insurance on online forums. Am I compelled to take this when purchasing a house in Herefordshire? or I am told that there is historic law that means some house owners residing in a parish church boundary may be liable to contribute towards repairs to the chancel in proximity to the church. Is this applicable for conveyancing in Herefordshire?
Unless a prior acquisition of the house completed after 12 October 2013 you could take it that solicitors conducting conveyancing in Herefordshire to remain recommending a chancel search and or chancel repair liability policy.
I'm buying my first flat in Herefordshire with the aid of help to buy. The developers refused to move on the amount so I negotiated five thousand pounds worth of extras instead. The property agent advised me not inform my solicitor about the extras as it could adversely affect my mortgage with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
When it comes to my conveyancing in Herefordshire should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Herefordshire conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the property lawyer's time in submitting the funds this way.