My Poulton Le Fylde lawyer has identified a difference between the information in the valuation survey and what is in the legal papers for the property. My lawyer informs me that he is duty bound to ensure that the bank is OK with this discrepancy and is content to go ahead. Is my solicitor’s approach correct?
Your solicitor must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
We wanted to use a conveyancing solicitor in Poulton Le Fylde for our house move. Our financial adviser has since notified us that our bank TSB won't deal with them. Surely this is unduly restrictive?
A decade ago most lenders had an appetite for risk which was higher than today. Almost all Poulton Le Fylde conveyancing firms would have been on many bank panels. The financial services regulator in 2010 carried out a thematic review into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more data from law firms concerning their operations and their employees as well as establishing certain criteria such a completing on a minimum number of conveyancing. Many Poulton Le Fylde conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Poulton Le Fylde is amongst the hundreds of areas where the solicitors showing on our search results are are approved TSB.
I happen to be the only beneficiary of my late mum's estate and I have everything in my name now, including the house in Poulton Le Fylde. Conveyancing formalities meant that the Land Registry date was in July. I want to move. I do know about the Mortgage Lenders 6 month 'rule', meaning my property ownership may be regarded the same way as if I'd bought the house in July. Will no one buy the property for half a year?
The CML handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be caught by that. How sensible a view mortgage companies take of it, depend on the lender as this provision is primarily there to capture subsales or the flipping of properties.
I have today made my last payment due on my mortgage with Nationwide. I assume I don't need a Poulton Le Fylde solicitor on the Nationwide panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Nationwide 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 Nationwide mortgage from the register. Nationwide, 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 Nationwide has sent the Land Registry the discharge electronically, and
- Nationwide has instructed the Land Registry to do so
I recently had an offer agreed on an apartment in Poulton Le Fylde. My mortgage broker suggested a conveyancer. I paid an on account payment of £200. A few days later, the property lawyer called me sheepishly admitting that they were not on the Clydesdale 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 Clydesdale 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.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one near me in Poulton Le Fylde I like with open areas and station nearby, the downside is that it's only got 61 years unexpired on the lease. I can't really find anything else in Poulton Le Fylde in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
If you require a home loan that many years may be problematic. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
I am looking for a conveyancing practitioner in Poulton Le Fylde for my home move. Can I check a firm’s complaints history with the profession’s regulator?
One may see published Solicitor Regulator Association (SRA) determinations stemming from investigations started on or after Jan 2008. Go to Check a solicitor's record. For details about the period before 1 January 2008, or to check a solicitors record, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, dial +44 (0)121 329 6800. The regulator could recorded call for training requirements.
Do I cancel the direct debit for my mortgage with Aldermore as soon as a completion date for my sale in Poulton Le Fylde has been agreed?
You are best advised to maintain meeting any mortgage payments to Aldermore pending the mortgage being paid off out of the proceeds of sale as part of your Poulton Le Fylde conveyancing.