As someone not used to the Waterbeach conveyancing process what is the number one tip you can impart concerning the legal transfer of property in Waterbeach
Not many law firms or advisers will tell you this but conveyancing in Waterbeach and elsewhere in Cambridgeshire is an adversarial experience. In other words, when it comes to conveyancing there is lots of opportunity for conflict between you and other parties involved in the transaction. E.g., the seller, property agent and even potentially the bank. Appointing a law firm for your conveyancing in Waterbeach is a critical decision as your conveyancer is your adviser, and is the ONLY party in the legal process whose responsibility is to look after your legal interests and to keep you safe.
Sometimes a third party with a vested interest may try and sway you that you should follow their advice. For instance, the estate agent may claim to be assisting by suggesting your solicitor is dragging his heels. Or your financial adviser may tell you to do take action that is against your conveyancers recommendation. You should always trust your lawyer above all other parties in the home moving process.
I'm the single recipient of my late mum's will and I have everything in my name alone, including the my former home in Waterbeach. The Waterbeach property was put into my name in January. I now wish to sell up. I do know about the Mortgage Lenders six month 'rule', meaning my property ownership will be considered the same way as though I had purchased the property in January. Will no one buy the property for half a year?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be caught by that. Some lenders would take a practical view as this obligation is chiefly there to capture subsales or the quick reselling of properties.
Is it correct that all Waterbeach CQS (Conveyancing Quality Scheme) solicitors are on the Yorkshire BS conveyancing panel?
It is true that some banks and building societies now use the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their panels.
We expect to receive a AIP from RBS this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do RBS recommend any Waterbeach solicitors on the RBS conveyancing panel, or is it better to go independently?
You will need to appoint Waterbeach solicitors independently although you'll need to choose one on the RBS conveyancing panel. The solicitor represents both you and RBS through the process.
I own a renovated Georgian property in Waterbeach. Conveyancing lawyer represented me and Virgin Money. I did a free Land Registry search last week and there are two entries: the first freehold, the second leasehold with the matching property. I'd like to know for sure, how can I find out??
You should 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 owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Waterbeach and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the situation with your conveyancing practitioner who conducted the purchase.
I am buying a new build flat in Waterbeach. 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 conveyancing.
Here is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Waterbeach
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There must be mutual enforceability of lessee’s covenants. Please confirm the Lease plans are architect prepared. Please supply a car parking plan. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
Am I better off to choose a Waterbeach conveyancing practitioner who is local to the property I am purchasing? We have a good friend who can carry out the conveyancing but her office is 300miles away.
The benefit of a local Waterbeach conveyancing practice is that you can drop in to sign documents, present your identification documents and pester them where appropriate. Having local Waterbeach know how is a plus. That being said nothing is more important than finding someone that will do a good and efficient job. If if people you trust instructed your friend and in the main were impressed that must trump using an unfamiliar Waterbeach conveyancing lawyer just because they are Waterbeach based.
Our lawyer in Waterbeach has uncovered a a legal deficiency with the lease for the apartment we are buying in Waterbeach. The seller’s lawyers have offered defective title insurance as a workaround. We are content with insurance and will cover the costs. Our solicitor says that as he is on the mortgage company conveyancing panel he must be satisfied that the lender is happy with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. A precondition to being on the bank approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will 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 lawyer will have no choice but to discontinue acting for you.