I am selling my apartment in Radyr. Does my conveyancing practitioner have to be on the UBS conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the UBS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently at the moment.
Should my solicitor be raising enquiries concerning flooding as part of the conveyancing in Radyr.
Flooding is a growing risk for conveyancers dealing with homes in Radyr. Some people will purchase a house in Radyr, completely aware that at some time, it may suffer from flooding. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the premises. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Lawyers are not best placed to impart advice on flood risk, however there are a various searches that can be undertaken by the buyer or on a buyer’s behalf which should give them a better appreciation of the risks in Radyr. The conventional set of completed inquiry forms given to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) includes a standard inquiry of the seller to determine whether the premises has suffered from flooding. In the event that flooding has previously occurred which is not notified by the vendor, then a buyer may issue a compensation claim resulting from an misleading response. A buyer’s solicitors will also conduct an enviro search. This will indicate if there is any known flood risk. If so, additional investigations should be conducted.
Are there restrictive covenants that are commonly identified during conveyancing in Radyr?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Radyr. 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…’
Due to the guidance of my in-laws I had a survey completed on a property in Radyr prior to appointing solicitors. I have been told that there is a flying freehold element to the property. Our surveyor advised that some mortgage companies tend refuse to issue a loan on a flying freehold home.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Birmingham Midshires. If you contact us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Radyr. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Radyr to see if the conveyancing costs will increase in light of this.
Our conveyancer in Radyr has discovered a defect with the lease for the flat we are purchasing in Radyr. The seller’s lawyers have suggested title insurance as a workaround. We are content with insurance and will cover the costs. Our lawyer has advised that as he is on the mortgage company conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or the lender?
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. A precondition to being on the lender approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will 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 lawyer will have no choice but to discontinue acting for you.