I was notified yesterday by my lender that my Lakenheath property lawyer is not on the mortgage company Solicitor panel. How can I check?
The best course of action for you to take is to contact your Lakenheath conveyancer. It is reasonable to expect your lawyer to notify you of the situation. If they are not on the panel they may be able to suggest a Lakenheath conveyancing practice that is on the approved list of lawyers for your mortgage company.
How up to date is your database of Lakenheath solicitors on the HSBC conveyancing panel? Do HSBC send you an updated list?
Lakenheath conveyancing firms themselves provide us confirmation that they are on the HSBC conveyancing panel as opposed to being supplied with a list from HSBC directly.
Can you help - my lawyer says that restrictive coveneant insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Lakenheath?
The right level of restrictive coveneant indemnity insurance depends on your lender. It would differ for example between Lloyds TSB Bank and Leeds Building Society. Conveyancing practitioners as opposed to members of the public take out such policies.
We are getting a further advance on our mortgage from Nottingham as we intend to carry out renovations to our home in Lakenheath. Are we obliged to appoint a local Lakenheath solicitor on the Nottingham conveyancing panel to handle the legals?
Nottingham don't usually require firms on their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Nottingham list.
We have agreed to purchase a house in Lakenheath. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Lloyds be concerned?
Given that your lender is Lloyds your lawyer must check the formal instructions contained in Section 2 of UK Finance Lenders’ Handbook for Lloyds. The Council of Mortgage Lenders’ Handbook includes minimum requirements for solar panel roof-space leases, and solicitors are required to report to Lloyds where a lease does not comply with these provisions. The provisions relate to the installation of panels on properties nationwide and is not isolated to Lakenheath.
Due to the encouragement of my in-laws I had a survey completed on a property in Lakenheath prior to retaining conveyancers. I have been told that there is a flying freehold overhang to the house. Our surveyor has said that some lenders tend not give a loan on such a house.
It varies from the lender to lender. Lloyds has different instructions from Halifax. If you contact us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Lakenheath. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Lakenheath to see if the conveyancing costs will increase in light of this.
18 days into buying a house in Lakenheath. Conveyancing solicitor has told us the property is "Leasehold". Does this make a difference on the marketability of the house?
Lakenheath conveyancing does not ordinarily involve leasehold houses. The main consideration here is the remaining lease term and the ground rent. If it's 999 years with a peppercorn rent, it's virtually freehold, so it’s unlikely to impact the saleability too much.
At the other end of the spectrum, if it's, say, 50 years it is bound to have a adverse impact on the saleability, and most likely wouldn't be mortgageable. The length of lease and ground rent will be stated in the lease which should be made available to your solicitor.