My fiance and I are planning to buy a flat in Torpoint and are in fact using a Torpoint conveyancing firm. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Barnsley Building Society have this afternoon contacted us to advise us that they have now hit a problem as our Torpoint lawyer is not on their approved list of lawyers. Please explain?
Where you are buying a property with the assistance of a mortgage it is usual for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Torpoint lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
Our lawyer has uncovered a a problem with the lease for the property we are purchasing in Torpoint. The other side have offered title insurance as a solution. We are content with insurance and will cover the costs. Our solicitor says that he must ensure that the bank is willing to move forward with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancing practitioner will have no choice but to discontinue acting for you.
My wife and I are purchasing a flat in Torpoint. It might be a silly question but how we can trust a conveyancer? At some point we will need to deposit money into their account. What is the protection we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
When it comes to mortgage companies such as RBS, do Torpoint solicitors face a fee to be on the list of approved solicitors?
We are not aware of any lender fees to be on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
Two weeks ago we had a mortgage agreed in principle with RBS. Torpoint conveyancing solicitors are instructed. How long does it take for RBS to forward the offer to the conveyancer?
Some lenders take longer than others. Have RBS completed the survey? Have you advised RBS as to your lawyers' details and checked that your lawyers are on the RBS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I require fast conveyancing in Torpoint as I have pressure to sign on the dotted line within one month. A home loan is not required. Is it possible to decline from having conveyancing searches to save money and time?
As you are not getting a mortgage you have the choice not to do searches although no conveyancer would recommend that you don't. Drawing on our experience of conveyancing in Torpoint the following are instances of issues that can show up and adversely affect the marketability of the property: Refused Planning Applications, Overdue Fees, Overdue Grants, Road Schemes,...
Am I right to be concerned that third parties that I am dealing with are recommending a factory type conveyancing firm as opposed to a High Street Torpoint conveyancing practice?
As with many professional services, often suggestions from relatives can be extremely useful or valuable. Nevertheless there are lots of players in a conveyancing deal; estate agents, financial adviser and mortgage companies might all suggest lawyers to instruct. On occasion the lawyers might be known to one of the organisations as one of the best in their field, but sometimes there may be a commercial relationship behind the endorsement. You are free to choose your own lawyer. However, bear in mind that some mortgage providers operate an approved list of law firms you have to use for the mortgage aspect of your transaction.
I own a leasehold flat in Torpoint. Conveyancing and Clydesdale mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Torpoint who acted for me is not around. What should I do?
First make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is indeed the new freeholder. You do not need to instruct a Torpoint conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Torpoint Leasehold Conveyancing - A selection of Questions you should consider Prior to buying
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What restrictions exist in the Torpoint Lease? It is important to be aware if a new roof is being installed or some other significant cost is due in the foreseeable future to be shared amongst the tenants and could well dramatically increase the the maintenance charges or necessitate a one time invoice. This information is helpful as a) areas may cause problems in the block as the common areas may start to deteriorate where services are not paid for b) if the leasehold owners have an issue with the managing agents you will need to have complete disclosure