My husband and I are approaching an exchange on a property in Holmrook and my mum and dad have transferred the 10% deposit to my conveyancer. I am now told that as the deposit has not come from me my conveyancing practitioner needs to make a notification to my bank. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I disclosed to the bank concerning my parents' contribution when I applied for the home loan, so is it really necessary for this now to delay the deal?
The property lawyer is duty bound to check with lender to make sure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only report this to your lender if you agree, failing which, your lawyer must cease to continue acting.
Are all Holmrook Conveyancing Quality Solicitors on the Clydesdale conveyancing list of approved firms?
It is true that some lenders now utilise CQS as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of firms.
Is it the case that all Holmrook solicitors on the Aldermore conveyancing panel are regulated by the SRA?
As a firm of solicitors, in order to be on the Aldermore approved list of solicitors they would need to be governed by the SRA. Many mortgage companies do list licenced conveyancers on their panel and in that case the organisation would be overseen by the Council of Licensed Conveyancers.
I have paid off my mortgage with Skipton. I assume I don't need a Holmrook conveyancing practitioner on the Skipton panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Skipton 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 Skipton mortgage from the register. Skipton, 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 Skipton has sent the Land Registry the discharge electronically, and
- Skipton has instructed the Land Registry to do so
Various web forums that I have frequented warn that are the primary cause of delay in Holmrook conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not feature within the common causes of delays during the legal transfer of property. Local searches are unlikely to feature in any holding up conveyancing in Holmrook.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Holmrook?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Holmrook. 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…’
I've recently found out that there is a flying freehold element on a property I have offered on a fortnight ago in what should have been a simple, chain free conveyancing. Holmrook is where the house is located. Is there any guidance you can give?
Flying freeholds in Holmrook are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Holmrook you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Holmrook may ascertain 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 residence.