Me and my fiance are acquiring a flat in Stowmarket. My lawyer is not on the bank solicitor list. Is it possible for me to use my Stowmarket conveyancing solicitor notwithstanding that they are not on the mortgage company approved list?
Your options include
- Carry on with your preferred Stowmarket conveyancer but your mortgage company will no doubt use a property lawyer on their conveyancing panel. This will result in additional cost together with likely delay.
- Appoint a fresh lawyer to act in the purchase, obviously checking they are on the lender conveyancing panel.
- Appeal to your conveyancing practitioner to seek to join the mortgage company panel
Due to move into my new home in Stowmarket next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the bank. What risks does the bank expect the insurance to cover?
All property lawyers on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook conditions. These obligations are not specific to conveyancing in Stowmarket.
We decided to purchase a purpose built apartment in Stowmarket with a homeloan from Norwich and Peterborough Building Society.We use our Stowmarket conveyancing lawyer but Norwich and Peterborough Building Society says her practice is not on their approved list of firms. We have to appoint a Norwich and Peterborough Building Society panel solicitor or keep our preferred solicitor and fork out for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Norwich and Peterborough Building Society use our lawyer?
Unfortunately,no. The mortgage issued to you is subject to its terms and conditions, a common one being that solicitors must be on the Norwich and Peterborough Building Society approved list. Until recently, most mortgage companies had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Norwich and Peterborough Building Society
Will our solicitor be raising enquiries concerning flooding during the conveyancing in Stowmarket.
The risk of flooding is if increasing concern for lawyers dealing with homes in Stowmarket. Some people will purchase a property in Stowmarket, fully expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to impart advice on flood risk, however there are a various checks that may be carried out by the purchaser or by their lawyers which can figure out the risks in Stowmarket. The standard information given to a buyer’s lawyer (where the Conveyancing Protocol is adopted) incorporates a usual question of the owner to determine if the premises has ever been flooded. In the event that the property has been flooded in past and is not disclosed by the seller, then a purchaser may bring a claim for damages as a result of such an misleading answer. A buyer’s lawyers may also conduct an environmental search. This will indicate whether there is a recorded flood risk. If so, further inquiries should be conducted.
My wife and I have a renovated Georgian property in Stowmarket. Conveyancing practitioner represented me and Birmingham Midshires. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: the first freehold, the second leasehold under the exact same property. I'd like to know for sure, how can I find out??
You need to assess 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 proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Stowmarket and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the position with the conveyancing solicitor who carried out the work.
How does conveyancing in Stowmarket differ for newly converted properties?
Most buyers of new build premises in Stowmarket come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is constructed. This is because house builders in Stowmarket tend to acquire the site, 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 Stowmarket or who has acted in the same development.