My fiance and I are hoping to purchase a property in Ivybridge and have appointed a Ivybridge conveyancing firm. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Lloyds TSB Bank have this afternoon contacted us to inform me that there is now an issue as our Ivybridge solicitor is not on their approved list of lawyers. What do we do from here?
When purchasing a property with mortgage finance it is normal for the purchasers' solicitors to also represent 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 mortgage company 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Ivybridge lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
When does exchange of contracts take place for purchase conveyancing in Ivybridge and am I required to be at the lawyers branch?
Where you are near to one of the conveyancing solicitors in Ivybridge you are invited in to sign contracts. However, the law practices we work with provide countrywide coverage for conveyancing and give just as detailed and professional a job for you when communicating with you digitally. The signing of the purchase agreement is not the point of no return. Signing on the dotted line is just a prerequisite for the firm to officially exchange when the time is right, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Ivybridge)to be in the office at the appropriate time.
My wife and I have a semi-detached Edwardian house in Ivybridge. Conveyancing practitioner acted for me and National Westminster Bank. I happened to do a free search for it on the Land Registry database and there are a couple of entries: one for freehold, another for leasehold with the exact same address. Is it worth asking National Westminster Bank to clarify?
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Ivybridge and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the situation with your conveyancing solicitor who conducted the conveyancing.
Due to the advice of my in-laws I had a survey completed on a property in Ivybridge prior to instructing lawyers. I have been told that there is a flying freehold overhang to the property. Our surveyor advised that some lenders may refuse to issue a mortgage on this type of property.
It depends who your proposed lender is. HSBC has different instructions for example to Halifax. If you call us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Ivybridge. Conveyancing will be smoother if you use a solicitor in Ivybridge especially if they are familiar with such properties in Ivybridge.
There are a number of houses in Ivybridge on private lanes. My husband and I are buying such a house. Are there any advantages to buying a property on a privately owned road?
Ivybridge conveyancing practices will be well versed in dealing homeson private. The solicitor will review the Land Registry data to identify any rights or responsibilities. It is possible that there is a residents association that proprietors make annual payments for the upkeep of the road. Where there is one, the road should be maintained and appear better than council adopted.