I am obtaining a offer of a home loan from Nat West. I intend to employ the services of a Licensed Conveyancer in Cumbria. Does the Nat West Conveyancing panel exclude Licensed Conveyancers?
The Nat West approved solicitor list is, like many other lenders, associated to the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the CLC.
Due to complete my purchase in Cumbria next Tuesday. My conveyancer now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the bank. What does the insurance need to cover?
Any lawyer on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook instructions. These requirements are not specific to conveyancing in Cumbria.
As a FTB what is the most important number one tip you can impart concerning purchase conveyancing in Cumbria?
Not many law firms shout this from the rooftops but conveyancing in Cumbria or throughout England and Wales is often a confrontational process. In other words, when it comes to conveyancing there exists an abundance of opportunity for confrontation between you and others involved in the transaction. For instance, the vendor, estate agent and even potentially your lender. Choosing a law firm for your conveyancing in Cumbria is a critical decision as your conveyancer is your adviser, and is the ONE party in the legal process whose role it is to act in your legal interests and to keep you safe.
Sometimes a third party with a vested interest will try and sway you that it is in your interests to do things their way. As an example, the property agent may claim to be assisting by claiming that your solicitor is wrong. Or your mortgage broker may advise you to do take action that is contrary to your conveyancers advice. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
Can you point me to a directory of Nottingham panel conveyancers in Cumbria on the Council of Mortgage Lender’s Website?
No. There is no such tool on the CML or Building Society Association websites. Very few lenders make their panel listings available on the web. If you are seeking to appoint a Cumbria property lawyer on the Nottingham please make the most of our facility.
I have today made my last payment due on my mortgage with Nottingham. I assume I don't need a Cumbria lawyer on the Nottingham panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Nottingham mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Nottingham mortgage from the register. Nottingham, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Nottingham has sent the Land Registry the discharge electronically, and
- Nottingham has instructed the Land Registry to do so
I've digested plenty of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Cumbria solicitor - who is on the Leeds Building Society conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Leeds Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Leeds Building Society 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.
I have been on the look out for a flat up to £235,500 and identified one close by in Cumbria I like with amenity areas and station nearby, however it only has 51 years unexpired on the lease. There is not much else in Cumbria suitable, so just wondered if I would be making a mistake buying a short lease?
Should you require a mortgage that many years may be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.