We're in Market Rasen, First time buyers purchasing with a mortgage (lender is Skipton , and our solicitor is on the Skipton conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Skipton conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
is it true that all Market Rasen solicitor firms on the Bank of Ireland conveyancing panel are governed by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Bank of Ireland conveyancing panel they would need to be regulated by the SRA. Many banks do permit licenced conveyancers on their panel in which case such practice would be regulated by the CLC.
I have today made my last payment due on my mortgage with Co-operative. I assume I don't need a Market Rasen property lawyer on the Co-operative panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Co-operative mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Co-operative mortgage from the register. Co-operative, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Co-operative has sent the Land Registry the discharge electronically, and
- Co-operative has instructed the Land Registry to do so
My sealed bid on a property in Market Rasen has been accepted, but there is a chain. The sellers have put an offer on somewhere, however it’s not yet tied up, and have viewings of other apartments booked. I have instructed a high street conveyancing solicitor in Market Rasen. What do I do now? At what stage do I apply for the mortgage with Nottingham?
It is normal to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is in the region of £1k, then valuation, Market Rasen conveyancing search fees, etc). First, you should ensure that your lawyer is on the Nottingham approved list. Concerning the next phase this very much dictated by the circumstances of your transaction, motivation for this property and on the state of the market. During a hot market some buyers would apply for the mortgage with Nottingham and arrange for the valuation and only if it comes back ok would they request their conveyancing practitioner to press on with the conveyancing in Market Rasen.
Should my lawyer be raising questions about flooding as part of the conveyancing in Market Rasen.
The risk of flooding is if increasing concern for lawyers dealing with homes in Market Rasen. Some people will acquire a house in Market Rasen, fully aware that at some time, it may suffer from flooding. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to give advice on flood risk, however there are a number of checks that can be undertaken by the buyer or on a buyer’s behalf which will figure out the risks in Market Rasen. The conventional set of completed inquiry forms supplied to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the vendor to discover if the property has historically flooded. In the event that flooding has previously occurred which is not revealed by the vendor, then a buyer may issue a claim for damages resulting from an inaccurate response. The buyer’s solicitors will also conduct an enviro report. This will higlight whether there is any known flood risk. If so, additional investigations will need to be made.
I purchased a 4 bedroom Edwardian property in Market Rasen. Conveyancing solicitor represented me and Aldermore. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, another for leasehold with the exact same address. I'd like to know for sure, how can I find out??
You should 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 owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Market Rasen and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the situation with your conveyancing lawyer who carried out the work.
Due to the input of my in-laws I had a survey completed on a house in Market Rasen prior to instructing solicitors. I have been told that there is a flying freehold overhang to the house. My surveyor has said that some lenders tend not issue a mortgage on a flying freehold home.
It varies from the lender to lender. Bank of Scotland has different requirements from Halifax. If you contact us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Market Rasen. Conveyancing may be slightly more expensive based on your lender's requirements.
What does commercial conveyancing in Market Rasen cover?
Commercial conveyancing in Market Rasen incorporates a wide range of guidance, supplied by regulated solicitors, relating to business premises. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.