My solicitor has discovered a defect with the lease for the flat we are buying in Llandeilo. The other side have offered title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancer says that he must ensure that the lender is happy with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your property lawyer will have no choice but to discontinue acting for you.
I am the registered owner of a freehold property in Llandeilo yet pay rent, why is this and what is this?
It’s unusual for properties in Llandeilo and has limited impact for conveyancing in Llandeilo but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
Is it necessary during the course of the conveyancing process to visit the offices of the solicitor to sign the mortgage deed? If so, I will choose one who does conveyancing in Llandeilo so that I can attend their offices if necessary.
Whereas this was necessary 12 years ago, almost all lenders no longer need their conveyancing panel lawyer to witness the mortgagors signature. It will still be necessary for you to hand over ID documents and there are still manifest benefits to instructing a local solicitor, in your case a conveyancing solicitor in Llandeilo.
Is it the case that all Llandeilo CQS (Conveyancing Quality Scheme) solicitors are on the RBS conveyancing panel?
It is true that some lenders now use CQS as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their approved list of conveyancing solicitors.
We have agreed to purchase a house in Llandeilo. A rare aspect is that the roof has a solar panel. Bank of Ireland have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Bank of Ireland your lawyer must follow the conveyancing requirements set out in Part two of UK Finance Lenders’ Handbook for Bank of Ireland. The Council of Mortgage Lenders’ Handbook includes minimum requirements for solar panel roof-space leases, and conveyancers are required to report to Bank of Ireland where a lease fails to meet these conditions. The specifications relate to the installation of panels on properties nationwide and is not restricted to Llandeilo.
I was told two weeks ago that my mortgage has been agreed to by Virgin Money. Is it usual for Virgin Money to only issue the offer once my solicitor in Llandeilo is approved on their conveyancing panel? Virgin Money have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Virgin Money to deal with your lawyer's application to be on the Virgin Money conveyancing panel. There's no guarantee that your solicitor will be accepted.
I have been told that property searches are a common cause of delay in Llandeilo conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of a review by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of delays during the legal transfer of property. Searches are unlikely to feature in any delay in conveyancing in Llandeilo.