Do all mortgage companies provide you with an approved list of Tetbury conveyancing solicitors? How do you know who is on the Bank of Ireland conveyancing panel?
Tetbury conveyancing firms themselves provide us confirmation that they are on the Bank of Ireland conveyancing panel as opposed to being supplied with a list from Bank of Ireland directly.
Do the Building Society Association intend to launch a online directory to to identify law firms on the Norwich and Peterborough Building Society conveyancing panel for instance in Tetbury?
We would not expect to be advised of any intention on the part of the BSA to develop such a tool.
What will a local search reveal concerning the property we're buying in Tetbury?
Tetbury conveyancing often starts with the submitting local authority searches directly from your local Authority or via a personal search company such as Onsearch The local search plays an important part in most Tetbury conveyancing purchase; that is if you don’t want any nasty surprises after you move into your property. The search should provide data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic areas.
I am looking for a ground for flat up to £235,500 and found one near me in Tetbury I like with amenity areas and railway links nearby, the downside is that it's only got 49 remaining years left on the lease. There is not much else in Tetbury in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least twenty four months you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
Our lawyer in Tetbury has uncovered a a problem with the lease for the flat we are purchasing in Tetbury. The seller’s lawyers have suggested defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer has advised that as he is on the mortgage company conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. A precondition to being on the bank 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.