Will my conveyancing lawyers need to check that the building insurance when buying a house in Street. My lender is Tesco Bank
Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 15/4/2019, the requirements read as follows :
What is the difference between a licensed conveyancer and conveyancing solicitor in Street
There are many registered licenced Conveyancers in Street and Solicitor partnerships in Street to choose from It is important to make clear that both are supervised by regulatory bodies with both specialising in the legal work in the home buying process. The two can handle other property legal work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
I have decided to exercise my right to buy my property in Street off the council. I have a mortgage agreed with HSBC. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with HSBC, you will need to appoint a solicitor on the HSBC conveyancing panel.
It is not clear whether my lender requires a lease extension. I have called into my local Street bank branch on a couple of occasions and was told they are content with the situation and they would lend. My Street conveyancing solicitor - who is on the lender conveyancing panel- called to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
As long as the conveyancer is on the mortgage company approved list, they must adhere to the CML Handbook provisions for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Me and my brother purchased a 4 bedroom Georgian house in Street. Conveyancing practitioner represented me and Barclays . I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, another for leasehold under the exact same property. If a house is not a freehold shouldn't I have been informed?
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Street and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the position with your conveyancing solicitor who conducted the conveyancing.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in last month in what was supposed to be a simple, chain free conveyancing. Street is the location of the property. What do you suggest?
Flying freeholds in Street are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Street you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Street may determine 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 premises.
I am purchasing a flat and cash is in place. My conveyancer has been given with 2 separate evidence of photo ID, bank statement, multiple utility bills. Now he needs a copy from a probate lawyer advising that the funds are legitimate and that it has come from inheritance and not selling fake watches.
For some years now requires conveyancing solicitors as well as banks, building societies and other financial institutes to obtain satisfactory evidence of the identity of the client. This is because solicitors who deal with money and property on behalf of their clients can be used by criminals wishing to launder money. In order to comply with the law of money laundering, your Street conveyancing lawyer will need to obtain evidence of your identity as as well as make sure that your funds are legitimate.