We are hoping to buy a newbuild flat in Moor Row with a loan from Bank of Ireland.We like our Moor Row conveyancing solicitor but Bank of Ireland advised that he's not listed on their "panel". we are left little option but to use a Bank of Ireland panel firm or keep our high street solicitor and pay for a Bank of Ireland panel lawyer to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The mortgage issued to you is subject to its various provisions, a common one being that solicitors will be on the Bank of Ireland approved list. Until recently, most banks had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Bank of Ireland
I have today made my last payment due on my mortgage with Virgin Money. I assume I don't need a Moor Row solicitor on the Virgin Money panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Virgin Money 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 Virgin Money mortgage from the register. Virgin Money, 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 Virgin Money has sent the Land Registry the discharge electronically, and
- Virgin Money has instructed the Land Registry to do so
I am selling my apartment. I had a double glazing fitted in September 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Barclays are being a right pain. The Moor Row solicitor who is on the Barclays conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Barclays are insisting on a building regulation certificate. Why do Barclays have a conveyancing panel if they don't accept advice from them?
It is probably the case that Barclays have referred the matter to their valuer. The reason why Barclays 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.
I've digested plenty of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Moor Row solicitor - who is on the Nottingham conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Nottingham will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nottingham 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 Moor Row 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.
Should our conveyancer be raising enquiries about flooding as part of the conveyancing in Moor Row.
Flooding is a growing risk for lawyers specialising in conveyancing in Moor Row. Some people will purchase a property in Moor Row, fully expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or dispose of the property. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Lawyers are not qualified to give advice on flood risk, however there are a numerous checks that can be carried out by the buyer or by their conveyancers which can figure out the risks in Moor Row. The standard completed inquiry forms given to a buyer’s lawyer (where the Conveyancing Protocol is adopted) includes a standard inquiry of the owner to determine if the premises has suffered from flooding. In the event that flooding has previously occurred which is not disclosed by the vendor, then a buyer could issue a compensation claim resulting from an inaccurate answer. A purchaser’s solicitors will also commission an environmental report. This will indicate if there is any known flood risk. If so, further inquiries will need to be initiated.
It has been 2 months since my purchase conveyancing in Moor Row concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Moor Row differ for new build properties?
Most buyers of new build or newly converted property in Moor Row come to us having been asked by the builder to sign contracts and commit to the purchase even before the property is completed. This is because house builders in Moor Row typically purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Moor Row or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a property in Moor Row ahead of retaining conveyancers. I have been told that there is a flying freehold element to the house. The surveyor has said that some banks will refuse to grant a loan on this type of house.
It depends who your proposed lender is. HSBC has different requirements from Birmingham Midshires. Should you wish to telephone us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Moor Row. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Moor Row to see if the conveyancing will be more expensive.