Am I correct in assuming that the fact that my solicitor in Rutland is not listed on my lender's solicitor panel that there is a problem with the standard of the firm’s work?
It would not be wise to jump to that conclusion. There are plenty of plausible explanations. A recent report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the Rutland conveyancing practice and ask them why they are no longer on the approved list for your mortgage company.
Is there a list of HSBC panel solicitors in Rutland on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. A small selection of mortgage companies make their panel listings viewable online. Where you are seeking to appoint a Rutland conveyancer on the HSBC please use our facility.
I have today made my last payment due on my mortgage with Leeds Building Society. I assume I don't need a Rutland conveyancing practitioner on the Leeds Building Society panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Leeds Building Society 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 Leeds Building Society mortgage from the register. Leeds Building Society, 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 Leeds Building Society has sent the Land Registry the discharge electronically, and
- Leeds Building Society has instructed the Land Registry to do so
It is unclear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Rutland building society branch on numerous occasions and was informed it wasn't an issue and they would lend. My Rutland conveyancing solicitor - who is on the lender conveyancing panel- called to say that they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Provided that the conveyancer is on the mortgage company panel, they must follow the CML 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 lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
What does a local search inform me about the property my wife and I buying in Rutland?
Rutland conveyancing often starts with the applying for local authority searches directly from your local Authority or via a personal search organisations such as Searchflow The local search is essential in every Rutland conveyancing purchase; that is if you don’t want any unpleasant surprises after you move into your property. The search will supply data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic headings.
How does conveyancing in Rutland differ for new build properties?
Most buyers of new build or newly converted property in Rutland come to us having been asked by the seller to sign contracts and commit to the purchase even before the residence is ready to move into. This is because developers in Rutland typically acquire 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 conveyancing solicitors 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 accustomed to new build conveyancing in Rutland or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I put an offer in last month in what was supposed to be a straight forward, chain free conveyancing. Rutland is the location of the property. Is there any guidance you can impart?
Flying freeholds in Rutland are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Rutland you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Rutland may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I am using a search engine for the phrase on line conveyancing in Rutland it brings up many property lawyerslocally. How do I determine which is the suitable solicitor for me?
The preferential method of choosing a suitable conveyancer is through a personal testimonial, so enquire of friends and relatives who have bought a property in Rutland or a local estate agent or financial adviser. Costs for conveyancing in Rutland vary, so it's advisable to obtain a minimum of three fee estimates from different law firms. Dont forget to clarify that the fees are fixed.