I am obtaining a mortgage offer from Nat West. I intend to instruct a Licensed Conveyancer in City Of London. Does the Nat West Solicitor panel exclude conveyancers regulated by the CLC?
The Nat West conveyancing panel is, like many other lenders, represented by the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
My wife and I are approaching an exchange on a property in City Of London and my parents have sent the exchange deposit to my conveyancer. I am now informed that as the deposit has been received from someone other than me my solicitor needs to disclose this to my lender. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I advised the bank regarding my parents' contribution when I applied for the home loan, so is it really appropriate for this now to delay the deal?
The conveyancing practitioner is legally required to check with the bank to ensure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only report this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
My wife and I purchasing a detached bungalow in City Of London. The intention is to an extension at the rear at the property.Will legal conveyancing on the property include investigations to determine if these alterations were previously refused?
Your property lawyer will check the deeds as conveyancing in City Of London can on occasion identify restrictions in the title deeds which restrict categories of alterations or need the consent of another owner. Some additions need local authority planning consent and approval in accordance building regulations. Many areas are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. It would be prudent to check these things with a surveyor before you commit yourself to a purchase.
I am the single recipient of my late grandmother’s estate and I have everything in my name now, including the house in City Of London. The City Of London property was put into my name in March. I now wish to sell up. I do know about the Mortgage Lenders six month 'rule', which means that my proprietorship will be treated the same way as if I'd bought the house in March. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook mandates solicitors 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 impacted by that. Most mortgage companies would take a pragmatic view as this provision chiefly exists to capture subsales or the wholesaling and assigning of property.
Having read lots of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local City Of London solicitor - who is on the UBS conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
UBS will need an independent valuation of the property. Your lawyer will not arrange this. Usually UBS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own City Of London surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Various web forums that I have visited warn that are a common reason for stalling in City Of London house deals. Is this right?
The Council of Property Search Organisations (CoPSO) released conclusions of a review by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of hindrances during the legal transfer of property. Local searches are not likely to be the root cause of delay in conveyancing in City Of London.
Why do I have to provide my lawyer with various items of ID before I can proceed with my conveyancing in City Of London?
City Of London conveyancing practitioners are obliged by the Law Society, SRA, HMLR and current AML legislation to record that the have verified the identity of their clients. It is also sometimes a requirement of your mortgage offer. Furthermore they have to complete various forms, particularly those relating to Land Tax and need to have details such as your full names, national insurance number and date of birth.