My wife and I are planning to purchase a house in Cowley and have instructed a Cowley conveyancing firm. Within the last couple of days our solicitor has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. HSBC Bank have this evening contacted us to inform me that there is now an issue as our Cowley lawyer is not on their approved list of lawyers. Is this a problem?
Where you are buying a property with the assistance of a mortgage it is standard for the purchasers' lawyers to also act for 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 Quality Scheme. Your solicitor 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 don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Cowley lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
I am the sole recipient of my late grandmother’s estate with all property in now in my sole name, including the house in Cowley. Conveyancing formalities meant that the Land Registry date was in March. I want to move. I do know about the Mortgage Lenders 6 month 'rule', which means that my proprietorship will be treated the same way as if I'd bought the house in March. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. How practical a view lenders take of it, depend on the lender as this requirement is chiefly there to capture subsales or the wholesaling and assigning of property.
It is not clear whether my mortgage offer requires a lease extension. I have telephoned my Cowley bank branch on various occasions and was told they are content with the situation and they will lend. My Cowley conveyancing solicitor - who is on the lender conveyancing panel- called and was told they refuse to lend based on their specific requirements. Who do I believe?
The conveyancer must follow the Council of Mortgage Lenders’ Handbook Part 2 provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Bank of Ireland have agreed my mortgage in principle, my offer on a apartment in Cowley has been accepted, what happens next?
The property agent will want to be informed of your lawyer's details (ensure that the solicitors are on the bank’s panel). Contact Bank of Ireland or the financial adviser and finish off any relevant paperwork. Bank of Ireland will appoint a valuer who will get in contact with the estate agent or seller to schedule a time for the valuation to happen. Once carried out (assuming no problems) it takes on average a week for the mortgage offer to be issued. Bank of Ireland will issue the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Cowley.
Should my conveyancer be asking questions about flooding as part of the conveyancing in Cowley.
The risk of flooding is if increasing concern for conveyancers specialising in conveyancing in Cowley. Plenty of people will purchase a house in Cowley, completely aware that at some time, it may be flooded. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the property. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Conveyancers are not best placed to impart advice on flood risk, but there are a various checks that may be carried out by the purchaser or on a buyer’s behalf which will give them a better appreciation of the risks in Cowley. The conventional set of property information forms sent to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the seller to discover whether the premises has suffered from flooding. In the event that flooding has previously occurred and is not revealed by the vendor, then a purchaser could bring a claim for damages stemming from an incorrect answer. A purchaser’s conveyancers should also order an enviro search. This will reveal if there is a recorded flood risk. If so, more detailed inquiries will need to be carried out.
Are there restrictive covenants that are commonly picked up during conveyancing in Cowley?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Cowley. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Living abroad it is not practicable to attend my Cowley conveyancing lawyers office to execute documents for conveyancing in Cowley – will this be an issue?
Not a problem. Cowley conveyancing lawyers can deal with conveyancing transactions for clients across the country. You are unlikely to be required to be present a Cowley conveyancers office. They can undertake everything remotely from their Cowley office.