Our Somerset conveyancer has discovered an inconsistency when comparing the surveyor’s assumptions in the home valuation survey and what is in the conveyancing documents. My solicitor informs me that he must ensure that the bank is happy with this discrepancy and is content to go ahead. Is my solicitor’s stance right?
Your solicitor must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. 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.
I have been advised by my solicitor that missing deeds insurance is required on my purchase. What is the level of cover for Somerset conveyancing?
The appropriate level of missing deeds indemnity insurance should be dictated by who your lender. It would differ for example between Yorkshire Building Society and The Mortgage Works. Conveyancing practitioners as opposed to members of the public take out such insurances.
I happen to be the only beneficiary of my late father’s estate and I have everything in my name now, including the house in Somerset. The Somerset property was put into my name in March. I plan to dispose of the house. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my property ownership could be considered the same way as though I had purchased the house in March. Do I have to wait 6 months to sell?
The CML handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. Some lenders would take a practical view as this obligation chiefly exists to identify the purchase and immediately sell or the quick reselling of properties.
Two weeks ago we had a mortgage agreed in principle with Nottingham. Somerset conveyancing lawyers were chosen. How long does it take for Nottingham to send the offer to the solicitor?
There is no definitive answer here. Have Nottingham done the valuation? Have you informed Nottingham as to your lawyers' details and checked that your lawyers are on the Nottingham conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
My colleague recommended that where I am buying in Somerset I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally quoted for as part of the standard Somerset conveyancing searches. It is not a small document of more than thirty pages, listing and setting out significant information about Somerset around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Somerset Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful information concerning Somerset.
I'm converting the mortgage on my primary house to a BTL loan with Coventry Building Society and I will use the rest of the raised equity as a down payment on a second property. The neighborhood we are talking about is Somerset. Will your solicitors be able to act for both sets of mortgage companies and link together the transactions?
Make use of our search tool on this site to ensure that the solicitors are on the relevant lender panels. Having checked that they are the conveyancer should be able to tie up the two transactions but you should have a chat with you lawyer and make apparent your expectations and requirements.
My step-father has suggested that I use his conveyancing solicitors in Somerset. Do I take his guidance?
No doubt the ideal way to choose a conveyancing lawyer is to get guidance from friends or relatives who have actually experience in using the solicitor that you are considering.