My wife and I are looking to acquire a house in Lyddington and are in fact using a Lyddington conveyancing practice. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Bank of Ireland have this afternoon contacted us to inform me that there is now an issue as our Lyddington conveyancer is not on their approved list of lawyers. What do we do from here?
If you are buying a property needing a mortgage it is usual for the purchasers' solicitors to also act for the mortgage company. 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 lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Lyddington solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
In what way does my ID and proof of funds have anything to do with my conveyancing in Lyddington? Is this really necessary?
You are right in the requirement set out by your lawyer has nothing to do with conveyancing in Lyddington. However these days you can not proceed with any conveyancing process without first handing over evidence of your identity. This usually takes the form of a either your passport or driving licence as well as a council tax bill. Please note that if you are providing your driving licence as proof of identification it must be both the paper section and photo card part, one is not sufficient in the absence of the other.
Proof of your source of monies is required under Money Laundering Regulations. You should not be offended when when this is requested of you as your conveyancer must retain this information on file. Your Lyddington conveyancing practitioner will require evidence of proof of funds prior to accepting any money from you into their client account and they will also ask additional queries regarding the origin of funds.
I am selling my home in Lyddington. Will the lawyer need to be on the Nottingham conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Nottingham conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently currently.
I am the only beneficiary of my late mum's will and I have everything in my name alone, including the my former home in Lyddington. Conveyancing formalities meant that the Land Registry date was in August. I now wish to sell up. I do know about the CML 6 month 'rule', which means that my proprietorship could be treated the same way as if I'd bought the house in August. Do I have to wait 6 months to sell?
The CML handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be caught by that. How sensible a view lenders take of it, depend on the lender as this obligation is chiefly there to identify subsales or the quick reselling of property.
After weeks of negotiation I have agreed a price on an apartment in Lyddington. My financial adviser recommended their conveyancers. I paid an upfront payment of £225. Soon after, the conveyancing practitioner contacted me sheepishly admitting that they were not on the Virgin Money 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 Virgin Money 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.
I am due to exchange contracts on my apartment. I had a double glazing fitted in January 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, UBS are being pedantic. The Lyddington solicitor who is on the UBS conveyancing panel is recommending indemnity insurance as a solution but UBS are requiring a building regulation certificate. Why do UBS have a conveyancing panel if they don't accept advice from them?
It is probably the case that UBS have referred the matter to their valuer. The reason why UBS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Should commercial conveyancing searches disclose planned roadworks that could impact a commercial site in Lyddington?
Its becoming the norm that commercial conveyancing solicitors in Lyddington will execute a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in researching accurate data on highways that impact buildings and development assets in Lyddington. 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 Lyddington.
For every commercial conveyancing transaction in Lyddington it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately may cause delays to Lyddington commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not ordered for domestic conveyancing in Lyddington.
I have been on the look out for a flat up to £245,000 and identified one near me in Lyddington I like with a park and station in the vicinity, the downside is that it only has 52 years on the lease. There is not much else in Lyddington in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you require a home loan the shortness of the lease may be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.