I am nearing exchange of contracts for my flat in Cornwall and the EA has just e-mailed to say that the buyers are appointing a new property lawyer. The excuse is that the mortgage company will only work with solicitors on their conveyancing panel. On what basis would a leading mortgage company only deal with certain solicitors rather the firm that they want to choose to handle their conveyancing in Cornwall ?
Banks have always had panels of law firms that can represent them, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders point to the increase in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any impact on this.
The owners of the home we are hoping to buy are using a conveyancing practitioner in Cornwall who has insisted on a exclusivity contract with a payment 6,000. Is it wise to enter into such agreements?
Lock out contracts are agreements between a home vendor and purchaser giving the buyer a ‘clear field’ to purchase the property within a prescribed time frame. For all intents and purposes, an exclusivity is a document specifying that you should be issued with a contract at a later date which is the contract for the actual sale. It tends to be used for buyer protection though in some cases, the proprietor may enjoy an upside from such agreements as well. There are many pros and cons to having an agreement but you should to check with your lawyer but note that it may end up costing you more in conveyancing fees. In light of these reasons these agreements are avoided in relation to conveyancing in Cornwall.
My uncle passed away last year and as sole heir and executor I was left the property in Cornwall. The house had a relatively small loan remaining of approximately £5k. I want to transfer the title deeds into my name whilst I re-mortgage to Barclays, pay off the mortgage. Is this possible?
Given you plan to refinance then Barclays will require that you use a conveyancer on the Barclays conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Barclays conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Barclays mortgage is registered as a charge at the Land Registry.
I am assisting my step-mother sell her property in Cornwall. Will the conveyancing solicitor order the energy assessment or should I organise this?
Following the abolition of Home Information Packs, energy performance certificates was left as a required part of selling a property. An EPC needs to be to hand prior to the property being marketed. It is not a task that lawyers ordinarily arrange. If you are using a Cornwall conveyancing practitioner they may be willing to arrange EPC’s due to their contacts with long established local accredited person
My stepmother advised me that in buying a property in Cornwall there may be a number of restrictions affecting the ability to carry out external alterations to the property. Is this right?
We are aware of anumerous of properties in Cornwall which have some sort of restriction or requirement of consent to perform external variations. Part of the conveyancing in Cornwall should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am due to exchange contracts on my apartment. I had a double glazing fitted in September 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Lloyds are being a right pain. The Cornwall solicitor who is on the Lloyds conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Lloyds are requiring a building regulation certificate. Why do Lloyds have a conveyancing panel if they don't accept advice from them?
It is probably the case that Lloyds have referred the matter to their valuer. The reason why Lloyds may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I am buying my first flat in Cornwall with a mortgage from Godiva Mortgages Ltd. The sellers refused to budge the amount so I negotiated £7000 of additionals instead. The estate agent suggested that I not to tell my lawyer about this extras as it could adversely affect my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.