I am not well enough to travel far from Lymington. Is there a reason why all Lymington property lawyers are not on all lender panels?
Pre- 2008 most banks displayed an approach to risk which is different from today. The FSA in 2010 carried out a thematic review into property fraud which concluded: know the conveyancers on your panel. Consequently, banks have since looked to extract more information from law firms concerning their operations and the individuals who work for them and set certain criteria such as completing a minimum volume of transactions. Many firms have been excluded from lender panels even though they had 100% healthy track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms were never going to satisfy the criteria of volume of transactions the mortgage companies insisted on.
My partner and I are approaching an exchange on a flat in Lymington and my parents have transferred the exchange deposit to my solicitor. I am now advised that as the deposit has not come from me my solicitor needs to make a notification to my bank. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the bank regarding my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
The solicitor is obliged to check with the bank to make sure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only reveal this to your bank if you agree, failing which, your lawyer must cease to continue acting.
Can you help - my lawyer advises that lack of building regulations insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Lymington?
The right level of lack of building regulations indemnity insurance should be dictated by who your lender. It would differ for example between Barclays and The Royal Bank of Scotland. Conveyancing practitioners as opposed to borrowers take out such insurances.
How can we tell if a Lymington conveyancing solicitor on the HSBC panel is any good?
When it comes to conveyancing in Lymington obtaining recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advise that you speak with the solicitor conducting your conveyancing.
I have instructed a Lymington solicitor having checked that they are on the Bank of Ireland conveyancing panel. Does my lawyer arrange the survey of the property?
Bank of Ireland will need an independent valuation of the property. Your lawyer will not arrange this. Usually Bank of Ireland will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Lymington surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Will commercial conveyancing searches reveal planned roadworks that could affect a commercial estate in Lymington?
Its becoming the norm that commercial conveyancing solicitors in Lymington will perform a SiteSolutions Highways report as it reduces the time that conveyancers spend in looking into accurate data on highways that impact buildings and development assets in Lymington. 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 Lymington.
For each commercial conveyancing transaction in Lymington it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately could result in delays to Lymington commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not carried out for residential conveyancing in Lymington.
My wife and I own a 4 bedroom Edwardian house in Lymington. Conveyancing lawyer acted for me and Accord Mortgages Ltd. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, the second leasehold under the matching property. I thought I was buying a freehold how can I check?
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Lymington and other areas of 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 mortgage companies. You can also check the position with the conveyancing lawyer who conducted the purchase.
I opted to have a survey carried out on a house in Lymington ahead of instructing conveyancers. I have been advised that there is a flying freehold aspect to the property. Our surveyor advised that some banks will not give a mortgage on this type of house.
It varies from the lender to lender. Lloyds has different requirements for example to Birmingham Midshires. If you contact us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Lymington. Conveyancing will be smoother if you use a solicitor in Lymington especially if they regularly deal with such properties in Lymington.