Our lawyer has discovered a a legal deficiency with the lease for the property we are purchasing in Southwell. The other side have put forward title insurance as a workaround. We are content with insurance and will cover the costs. Our solicitor says that he must check that the mortgage company is willing to move forward with this solution. Who is the client here, us or the bank?
Regardless of the fact that you have a mortgage offer from the lender does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the bank are the client. These conveyancing instructions have to be complied with.
I am purchasing a property in Southwell. One unusual aspect is that the roof has a solar panel. Co-operative have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Co-operative your lawyer must check the formal requirements contained in Part 2 of UK Finance Lenders’ Handbook for Co-operative. The CML Handbook contains minimum provisions for solar panel roof-space leases, and property lawyers are required to report to Co-operative where a lease fails to comply with these requirements. The requirements relate to the installation of panels on properties countrywide and is not limited to Southwell.
I have a mortgage with Lloyds for my property in Southwell. Conveyancing has been completed months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Lloyds?
Your original mortgage agreement with Lloyds will provide that you need their approval prior to letting out your property as this is likely to be a breach of Lloyds’s mortgage conditions. It may be that Lloyds will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Lloyds directly. It should not be necessary to do this via a Lloyds conveyancing panel solicitor.
Completion of my purchase has taken place for my property in Southwell. Conveyancing was a necessary evil but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
Most lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Department at head office. In most cases complaints to a lender are sorted out effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
My friend suggested that where I am purchasing in Southwell I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is occasionally quoted for as part of the standard Southwell conveyancing searches. It is not a small report of about 40 pages, listing and setting out significant information about Southwell around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Southwell Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Southwell Education with maps and statistics, Local Amenities and other useful data concerning Southwell.
My wife and I have a renovated Georgian property in Southwell. Conveyancing practitioner represented me and Bank of Ireland. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, another for leasehold with the exact same address. Is it worth asking Bank of Ireland to clarify?
You need to review the Freehold register you have again and check the Charges Register for 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 Southwell and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the position with the conveyancing practitioner who completed the work.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in two weeks back in what was supposed to be a quick, no chain conveyancing. Southwell is where the house is located. Can you shed any light on this issue?
Flying freeholds in Southwell are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Southwell you would need to get your solicitor to go 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 Southwell may decide 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 premises.
I am using a search engine for the term on line conveyancing in Southwell it brings up many property lawyersin the area. How do I determine which is the right conveyancer for purchase transaction?
The best method of finding a suitable conveyancer is through a personal referral, so enquire of friends and those you trust who have acquired a property in Southwell or the local estate agent or mortgage broker. Fees for conveyancing in Southwell differ, so it's a good idea to obtain a minimum of four estimates from different solicitors. Be sure to obtain confirmation that the charges are assured not to to be inflated.