Unfortunately I am unable to travel far from Speke. Can you please clarify why all Speke lawyers are not on all mortgage company panels?
Pre- 2008 most lenders had an approach to risk which differs from the current day. The Financial Services Authority in 2010 carried out a thematic review into property fraud which in summary warned lenders: know the conveyancers on your panel. Accordingly, lenders have since looked to extract more information from law firms regarding their operations and the individuals who work for them and set certain criteria such as completing a minimum volume of transactions. Many firms have found themselves excluded from lender panels even though they had 100% healthy track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms were never going to satisfy the criteria of amount of transactions the lenders required.
I am being advised by my lawyer that lack of planning permission insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Speke?
The right level of lack of planning permission indemnity insurance depends on who your lender is. It would differ for example between Lloyds TSB Bank and The Royal Bank of Scotland. Conveyancing solicitors as opposed to borrowers take out such insurances.
Are all Speke Conveyancing Quality Solicitors on the UBS conveyancing panel?
Some major lenders now make use of CQS as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their panels.
I have paid off my mortgage with HSBC. I assume I don't need a Speke property lawyer on the HSBC panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your HSBC 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 HSBC mortgage from the register. HSBC, 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 HSBC has sent the Land Registry the discharge electronically, and
- HSBC has instructed the Land Registry to do so
Will our solicitor be making enquiries about flooding as part of the conveyancing in Speke.
Flooding is a growing risk for solicitors dealing with homes in Speke. Plenty of people will purchase a house in Speke, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or dispose of the property. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Lawyers are not best placed to offer advice on flood risk, however there are a number of checks that may be undertaken by the purchaser or by their lawyers which should give them a better understanding of the risks in Speke. The standard information given to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) includes a usual inquiry of the seller to discover if the premises has suffered from flooding. In the event that flooding has previously occurred and is not revealed by the owner, then a buyer could commence a compensation claim stemming from an misleading reply. The buyer’s conveyancers will also commission an enviro search. This should disclose if there is any known flood risk. If so, more detailed inquiries should be carried out.
About to purchase a new build apartment in Speke. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Speke
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Forfeiture - bankruptcy or liquidation must not apply under this provision. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. There must be mutual enforceability of lessee’s covenants. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
I'm remortgaging my current home to a BTL mortgage with Virgin Money and I will use the ballance of the raised equity as a deposit on a second property. The area we are interested in is Speke. Will your lawyers be able to act for both sets of mortgage companies and tie in the transactions?
Make use of our comparison tool on this page to check that the lawyers are approved by both banks. Having checked that they are your lawyer will be able to simultaneously deal with the two transactions but you should talk with you conveyancer and make clear your expectations and requirements.
I am buying a garden flat in Speke. Conveyancing lawyer has been awaiting, from the vendor, building insurance documents. This morning I was advised that the owner needs to send the insurance documents for the flat above also. Why would my lawyer need to review the insurance for the other flat? Is it strictly required? We have been in hold for the last month…
It is not unheard of in leasehold conveyancing in Speke to find Conveyancing in Speke in a minority of cases reveals that the lease provides for the tenant's to insure their individual flats rather than the landlord insuring the entire premises - which is clearly preferable. You should contact your property lawyer but it would seem that your conveyancer is looking to verify that the complete building is insured. Insuring a ground floor residence is no help when it comes to rebuilding after a fire if the other flat cannot be reinstated due to lack of insurance cover.