I plan on purchasing residence in Lee On The Solent. My Conveyancer is not on the bank approved panel. Can I still continue with my Lee On The Solent conveyancing solicitor notwithstanding that they are excluded from the bank list of approved lawyers?
One must instruct a solicitor to deal with the legal work required when you need a loan to buy your home. They will conduct all the essential due diligence on the property, ensuring that you’re registered as proprietor and ensure that all the necessary mortgage documentation is dealt with. One could appoint a Lee On The Solent property lawyer of your choice. Nevertheless, if the conveyancing practitioner selected is not on the lender conveyancing panel additional charges will be incurred as separate legal representation will be required by them. Lender panel applications can be submitted, so if your solicitor has not historically sought membership they should take the chance to apply.
I happen to be the single beneficiary of my late mum's estate and I have everything in my name alone, including the house in Lee On The Solent. The Lee On The Solent property was put into my name in October. I want to move. I do know about the Mortgage Lenders 6 month 'rule', which means that my proprietorship could be regarded the same way as though I had purchased the house in October. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be impacted by that. How practical a view mortgage companies take of it, depend on the lender as this clause is chiefly there to capture subsales or the flipping of property.
We expect to receive a DIP from Nottingham this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Nottingham recommend any Lee On The Solent solicitors on the Nottingham conveyancing panel, or is it better to go independently?
You will need to appoint Lee On The Solent solicitors independently although you'll need to choose one on the Nottingham conveyancing panel. The solicitor represents both you and Nottingham through the process.
After shopping around on the internet I have found a Lee On The Solent property lawyer having made sure that they are on the Bank of Ireland conveyancing panel. Does my lawyer arrange the survey of the property?
Bank of Ireland will need an independent valuation of the property. Your lawyer will not arrange this. Usually Bank of Ireland 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 Lee On The Solent 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.
Are there restrictive covenants that are commonly identified during conveyancing in Lee On The Solent?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Lee On The Solent. 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…’
Yesterday I discovered that there is a flying freehold element on a property I put an offer in a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Lee On The Solent is the location of the property. Is there any guidance you can give?
Flying freeholds in Lee On The Solent are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Lee On The Solent you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Lee On The Solent 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 property.
My father has encouraged me to use his conveyancers in Lee On The Solent. Do I take his guidance?
No doubt the ideal way to select a conveyancing practitioner is to get referrals from friends or relatives who have experience in using the firm you're are thinking of instructing.