I have just been advised by my broker that my North Newbald lawyer is not on the mortgage company Conveyancing panel. What can I do to be sure if this is correct?
You need to contact your North Newbald conveyancer. It is reasonable to expect your lawyer to notify you of the situation. If they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your bank.
My lawyer has identified a defect with the lease for the property we are purchasing in North Newbald. The other side have offered defective title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer has advised that he must check that the bank is happy with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company 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 conveyancing practitioner will have no choice but to discontinue acting for you.
I am planning to acquire a house and require a conveyancing solicitor in North Newbald who is on the Nottingham Building Society conveyancing. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Nottingham Building Society in certain locations such as North Newbald. We dont recommend any particular firm.
I'm the sole beneficiary of my late grandmother’s estate with all property in now in my sole name, including the my former home in North Newbald. The North Newbald property was put into my name in July. I want to move. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my proprietorship will be treated the same way as though I had purchased the house in July. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook instructs 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 might be caught by that. How practical a view mortgage companies take of it, depend on the bank as this obligation is chiefly there to identify subsales or the quick reselling of properties.
I am selling my house. I had a double glazing fitted in September 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Principality are being pedantic. The North Newbald solicitor who is on the Principality conveyancing panel is recommending indemnity insurance as a solution but Principality are requiring a building regulation certificate. Why do Principality have a conveyancing panel if they don't accept advice from them?
It is probably the case that Principality have referred the matter to their valuer. The reason why Principality may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I've read lots of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local North Newbald solicitor - who is on the TSB conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
TSB will need an independent valuation of the property. Your lawyer will not arrange this. Usually TSB 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 North Newbald 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.
I opted to have a survey carried out on a property in North Newbald ahead of retaining lawyers. I have been told that there is a flying freehold element to the house. The surveyor has said that some banks tend not issue a loan on such a property.
It depends who your proposed lender is. HSBC has different instructions from Halifax. Should you wish to call us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in North Newbald. Conveyancing will be smoother if you use a solicitor in North Newbald especially if they are familiar with such properties in North Newbald.