I am not in a position to travel far from Cumbria. Can you please clarify why all Cumbria conveyancers are not on all bank panels?
Banks ordinarily impose restrictions on either the nature or the number of conveyancing firms on their approved list of lawyers. A common example of such restriction(s) being that the organisation must have two or more partners. In addition to restricting the nature of firm, some building societies made a decision to limit the size of their panel they permit to act for them. It is worth noting that building societies have no responsibility for the accuracy of advice given by any Cumbria conveyancing practitioner on their panel. Property fraud was the main trigger for the culling of conveyancing panels in the last decade even though there are opposing thoughts about whether solicitors sat at the center of that fraud. Data via HM Land Registry exposes that thousands of law organisations only transact a couple of conveyances a year. Those advocating conveyancing panel culls ask why law firms should have any entitlement to remain on a bank panel when clearly conveyancing is not their primary expertise?
Our solicitor has uncovered a defect with the lease for the flat we are purchasing in Cumbria. The other side have put forward defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our property lawyer has advised that he must check that the mortgage company is content with this solution. Are we the client or is the mortgage company ?
Even though you have a mortgage offer from the mortgage company does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the mortgage company are the client. These conveyancing instructions must be adhered to.
This question may be naive but I am unexperienced as a first time buyer of a garden flat in Cumbria. Do I collect the keys to the premises on the completion date from my conveyancer? If so, I will appoint a High Street conveyancing solicitor in Cumbria?
On the day of completion you will not be required to attend the conveyancers office in Cumbria. Conveyancing lawyers for you will transfer the purchase money to the seller's conveyancers, and shortly after the monies have arrived, you should be invited to collect the keys from the selling Agents and move into your new home. This tends to happen early afternoon.
I've digested plenty 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 Cumbria solicitor - who is on the Principality conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Principality will need an independent valuation of the property. Your lawyer will not arrange this. Usually Principality 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 Cumbria 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.
Our offer on a semi in Cumbria has been agreed to, but there is a chain. The vendors have offered on a property, but it’s not been accepted yet, and have viewings of other properties in the pipeline. I have selected a high street conveyancing solicitor in Cumbria. What should be my next step? At what point do I apply for the mortgage with Leeds Building Society?
It is understandable to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is in the region of £1k, then valuation, Cumbria conveyancing search fees, etc). The first thing to do is check that your solicitor is on the Leeds Building Society approved list. Regarding the next stages this very much depends on the specifics of your transaction, motivation for the property and on the state of the market. During a rising market some purchasers would apply for a home loan with Leeds Building Society and pay for the valuation and only if it was satisfactory would they request their lawyer to press on with the conveyancing in Cumbria.
I am purchasing a new build house in Cumbria with a mortgage from Virgin Money. The developers refused to reduce the price so I negotiated 6k of fixtures and fittings instead. The house builders rep told me not inform my solicitor about this deal as it could put at risk 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.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a straight forward, no chain conveyancing. Cumbria is the location of the property. Can you shed any light on this issue?
Flying freeholds in Cumbria are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Cumbria you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cumbria may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.