My partner and I are hoping to purchase a home in Yeovil and have appointed a Yeovil conveyancing practice. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Virgin Money have this evening contacted us to inform me that there is now an issue as our Yeovil conveyancer is not on their approved list of lawyers. What do we do from here?
If you are buying a property requiring a mortgage it is conventional for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Yeovil lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Our Yeovil conveyancer has discovered a difference between the surveyor’s assumptions in the valuation survey and what is revealed within the title deeds. My solicitor says that he is obliged to ensure that the bank is happy with this discrepancy and is content to go ahead. Is my conveyancer’s approach appropriate?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook specifications 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.
Despite weeks of looking the Title Certificate and documents to our home are lost. The lawyers who conducted the conveyancing in Yeovil 10 years ago are no longer around. What do I do?
Assuming you have a registered title the details of your proprietorship will be documented by HMLR with a Title Number. It is possible to perform a search at the Land Registry, find your property and get current copies of the property title for a small fee. Where the property is Leasehold then the Land Registry will in most cases retain a file duplicate of the Registered Lease and again, a copy can be ordered for a small fee.
I am purchasing my first flat in Yeovil benefiting from help to buy. The developers refused to reduce the amount so I negotiated five thousand pounds worth of extras instead. The property agent told me not inform my solicitor about this extras as it will affect my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold element on a house I have offered on last month in what should have been a quick, no chain conveyancing. Yeovil is where the house is located. Is there any guidance you can give?
Flying freeholds in Yeovil are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Yeovil you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Yeovil may decide 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.