Can you clarify what the consequences are if my lawyer’s firm is suspended from the Lloyds Conveyancing panel ahead of completing my conveyancing in Launceston?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I happen to be the sole recipient of my late grandmother’s will with all property in now in my sole name, including the house in Launceston. The Launceston property was put into my name in September. I now wish to sell up. I understand that there is a CML 6 month 'rule', which means that my proprietorship may be treated the same way as if I'd bought the property in September. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be affected by that. many banks would take a practical view as this obligation chiefly exists to identify subsales or the flipping of properties.
I am buying a property in Launceston. A rare aspect is that the roof has a solar panel. Coventry BS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Coventry BS your lawyer must check the conveyancing instructions outlined in Section 2 of UK Finance Lenders’ Handbook for Coventry BS. The Council of Mortgage Lenders’ Handbook includes minimum requirements for solar panel roof-space leases, and property lawyers are required to report to Coventry BS where a lease does not meet these conditions. The provisions relate to the installation of panels on properties in England and Wales and is not restricted to Launceston.
The formalities of my purchase has taken place for my property in Launceston. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
All lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Department at head office. In most cases complaints to a lender are sorted out very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
Me and my brother purchased a renovated Georgian house in Launceston. Conveyancing solicitor represented me and Virgin Money. I did a free Land Registry search last week and there are a couple of entries: the first freehold, the second leasehold under the exact same address. I thought I was buying a freehold how can I check?
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Launceston and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the situation with the conveyancing lawyer who conducted the purchase.
I'm buying my first flat in Launceston benefiting from help to buy. The developers would not move on the price so I negotiated £7000 of additionals instead. The house builders rep advised me not disclose to my conveyancer about the extras as it could jeopardize my mortgage with the bank. Is this normal?.
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 UK Finance website. UK Finance 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.
I decided to have a survey done on a property in Launceston ahead of retaining conveyancers. I have been informed that there is a flying freehold aspect to the property. My surveyor has said that some mortgage companies tend refuse to issue a mortgage on this type of property.
It depends who your proposed lender is. Santander has different instructions for example to Nationwide. If you call us we can check via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Launceston. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Launceston to see if the conveyancing costs will increase in light of this.
I have been advised by a number of selling agents in Launceston to locate a solicitor on your site. What’s the financial upside for Estate Agents to promote your services over alternative conveyancing organisations?
We refuse to give any referral fee for sending work in our direction. We found it would be just too difficult a fee as members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.