I am obtaining a mortgage offer from Nat West. I intend to enlist the help of a Licensed Conveyancer in Motspur Park. Does the Nat West Conveyancing panel exclude conveyancers regulated by the CLC?
The Nat West conveyancing panel is, like many other lenders, associated to the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the CLC.
Our solicitor has identified a defect with the lease for the apartment we are buying in Motspur Park. The other side have suggested defective title insurance as a solution. We are content with insurance and will cover the costs. Our solicitor says that he must be satisfied that the bank is content with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your property lawyer will have no choice but to discontinue acting for you.
We hope to to purchase with Loughborough BS. We have called around locally yet cant to find a Motspur Park conveyancing firm on the Loughborough BS panel. Could you assist?
Please do take advantage of the search tool on this page. Pick the building society and type Motspur Park or your location and you will see a number of lawyer offices in Motspur Park or nearest you.
My aunt informed me that in buying a property in Motspur Park there may be various restrictions prohibiting external changes to the property. Is this right?
We are aware of anumerous of properties in Motspur Park which have some sort of restriction or requirement of consent to external variations. Part of the conveyancing in Motspur Park should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am being told by my conveyancer that defective lease insurance is necessary on my purchase. What is the level of cover for Motspur Park conveyancing?
The right level of defective lease indemnity insurance depends on who your lender is. It would differ for example between HSBC Bank and Bank of Scotland. Conveyancing lawyers as opposed to borrowers take out such policies.
I can not fathom if my bank requires a lease extension. I have called my Motspur Park bank branch on a couple of occasions and was told they are content with the situation and they would lend. My Motspur Park conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they would not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
Provided that the lawyer is on the mortgage company approved list, she or he must adhere to the Council of Mortgage Lenders’ Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Should my solicitor be making enquiries regarding flooding as part of the conveyancing in Motspur Park.
Flooding is a growing risk for conveyancers dealing with homes in Motspur Park. There are those who acquire a house in Motspur Park, completely aware that at some time, it may suffer from flooding. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or sell the premises. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Solicitors are not qualified to give advice on flood risk, however there are a various searches that may be undertaken by the purchaser or on a buyer’s behalf which should give them a better understanding of the risks in Motspur Park. The standard information supplied to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a standard inquiry of the owner to determine whether the property has historically flooded. If the premises has been flooded in past and is not notified by the seller, then a buyer could issue a legal claim for losses as a result of such an incorrect answer. A buyer’s conveyancers should also conduct an environmental search. This will disclose if there is any known flood risk. If so, further investigations should be carried out.
Have purchased a a semi-detached house in Motspur Park , how long should it take for the Land Registry to deal with the formalities evidencing my title? My Motspur Park conveyancing solicitor works at snail pace, so I want to check the registration is dealt with.
There is nothing unique about conveyancing in Motspur Park registration formalities. Rather than based on location, timeframes can vary according to who lodges the application, whether it is in order and if the Land registry have to notify any interested persons or bodies. At present roughly three quarters of such applications are completed within 12 days but occasionally there can be longer delays. Registration is effected after the buyer has moved in to the property thus post completion formalities is not usually primary concern but where there is a degree of urgency associated with the registration then you or your solicitor can contact the land registry and explain the circumstances.