Our lawyer has uncovered a defect with the lease for the apartment we are buying in Yarm. The other side have offered defective title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor says that he must check that the bank is content with this solution. Are we the client or is the mortgage company ?
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. Your conveyancer must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender 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 property lawyer will have no choice but to discontinue acting for you.
Are the BSA intent on creating a search tool with a view to list solicitors on the Earl Shilton BS conveyancing panel for example in Yarm?
We have not been informed any plans on the part of the BSA to promote such a search facility.
My conveyancer has informed me that lack of building regulations insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Yarm?
The appropriate level of lack of building regulations indemnity insurance should be dictated by who who your lender is. It would differ for example between Nationwide Building Society and The Mortgage Works. Conveyancing lawyers as opposed to members of the public take out such policies.
The mortgage over my property is with RBS for my property in Yarm. Conveyancing has been completed months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform RBS?
You must advise RBS prior to renting your property as this is likely to be a breach of RBS’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact RBS directly. You need not do this via a RBS conveyancing panel solicitor.
I am due to exchange contracts on my apartment. I had a double glazing fitted in August 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Co-operative are being pedantic. The Yarm solicitor who is on the Co-operative conveyancing panel is recommending indemnity insurance as a solution but Co-operative are requiring a building regulation certificate. Why do Co-operative have a conveyancing panel if they don't accept advice from them?
It is probably the case that Co-operative have referred the matter to their valuer. The reason why Co-operative 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.
Are there restrictive covenants that are commonly picked up during conveyancing in Yarm?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Yarm. 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…’
Is planning permission needed to split a house into multiple flats in Yarm? This has occurred to a house opposite to my house in Yarm and was ignorant of it happening until after the works were done.
Planning Consent yes. Building Reg Approval yes.