What is the first thing I need to know concerning purchase conveyancing in Costessey?
Not many law firms shout this from the rooftops but conveyancing in Costessey or throughout Norfolk is often a confrontational process. Put another way, when it comes to conveyancing there is plenty of opportunity for conflict between you and other parties involved in the transaction. For example, the seller, estate agent and on occasion your bank. Choosing a law firm for your conveyancing in Costessey an important selection as your conveyancer is your adviser, and is the ONLY person in the legal process whose responsibility is to act in your best interests and to keep you safe.
On occasion a potential adversary will attempt to sway you that you should follow their advice. As an example, the property agent may claim to be assisting by suggesting your lawyer is wrong. Or your mortgage broker may try to convince you to do something that is contrary to your conveyancers guidance. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
Can you help - my lawyer says that breach of easement insurance is required on my purchase. What is the level of cover for Costessey conveyancing?
The right level of breach of easement indemnity insurance depends on your lender. It would differ for example between Lloyds TSB Bank and Bank of Scotland. Conveyancing lawyers as opposed to borrowers take out such insurances.
I am the sole beneficiary of my late mum's will and I have everything in my name now, including the my former home in Costessey. Conveyancing formalities meant that the Land Registry date was in March. I plan to dispose of the property. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my property ownership may be treated the same way as if I'd bought the property in March. 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." Technically you could be affected by that. Most banks would take a pragmatic view as this clause is chiefly there to pick up on the purchase and immediately sell or the wholesaling and assigning of property.
is it true that all Costessey solicitors on the RBS conveyancing panel are regulated by the SRA?
As a firm of solicitors, in order to be on the RBS conveyancing panel they would need to be overseen by the Solicitors Regulatory Authority. Many mortgage companies do allow licenced conveyancers on their panel in which case such firms would be regulated by the CLC.
Will my lawyer be making enquiries about flooding as part of the conveyancing in Costessey.
Flooding is a growing risk for lawyers conducting conveyancing in Costessey. There are those who buy a house in Costessey, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Solicitors are not qualified to give advice on flood risk, but there are a numerous checks that may be undertaken by the buyer or on a buyer’s behalf which can figure out the risks in Costessey. The conventional set of completed inquiry forms supplied to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the vendor to determine whether the property has suffered from flooding. In the event that the residence has been flooded in past which is not disclosed by the seller, then a purchaser may bring a legal claim for losses as a result of such an misleading answer. A buyer’s lawyers will also order an environmental report. This will disclose if there is a recorded flood risk. If so, further inquiries will need to be conducted.
The deeds to my property can not be found. The conveyancers who dealt with the conveyancing in Costessey 10 years ago have long since closed. What are my next steps?
Assuming the title is registered the information relating to your proprietorship will be evidenced by the Land Registry with a Title Number. It is easy to perform a search at the Land Registry, identify your house and obtain up to date copies of the Registered Entries for less than a fiver. If the property is Leasehold then the Land Registry will also normally hold a certified copy of the Registered Lease and again, a copy can be obtained for twenty pounds.
I decided to have a survey done on a house in Costessey ahead of instructing lawyers. I have been advised that there is a flying freehold aspect to the property. The surveyor advised that some mortgage companies tend not issue a mortgage on such a premises.
It varies from the lender to lender. Lloyds has different instructions from Birmingham Midshires. Should you wish to call us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Costessey. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Costessey to see if the conveyancing costs will increase in light of this.