Our conveyancer has identified a defect with the lease for the apartment we are purchasing in Ripon. The other side have offered title insurance as a solution. We are content with insurance and will pay for it. Our conveyancing practitioner says that he must be satisfied that the bank is content with this solution. Who is the client here, us or the mortgage company ?
Even though you have a mortgage offer from the mortgage company does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the lender are the client. These conveyancing instructions must be adhered to.
Me and my partner are purchasing a property in Ripon. I might seem paranoid but how we can trust a conveyancer? At some point we will need to put our life savings into their account. What is the protection we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I currently have a mortgage with Coventry BS for my property in Ripon. Conveyancing was finalised 12 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 buy-to-let mortgage or inform Coventry BS?
You must advise Coventry BS prior to renting your property as this is likely to be a breach of Coventry BS’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 Coventry BS directly. It should not be necessary to do this via a Coventry BS conveyancing panel firm.
After what seems like an age I have had an offer on an apartment in Ripon accepted, but there is a chain. The owners have placed an offer on a property, however it’s not been accepted yet, and are looking at other properties in the pipeline. I have instructed a high street conveyancing solicitor in Ripon. What should be my next step? At what stage do I apply for the mortgage with TSB?
It is normal to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is in the region of £1k, then survey, Ripon conveyancing search charges, etc). The first thing to do is ensure that your lawyer is on the TSB conveyancing panel. Regarding the subsequent stages this very much dictated by the specifics of your case, motivation for the property and on the state of the market. During a hot market the majority of purchasers would apply for the mortgage with TSB and pay for the valuation and only if it was satisfactory would they request their lawyer to move forward with searches.
Will our conveyancer be raising enquiries regarding flooding during the conveyancing in Ripon.
Flooding is a growing risk for solicitors conducting conveyancing in Ripon. Some people will buy a property in Ripon, completely aware that at some time, it may suffer from flooding. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to impart advice on flood risk, however there are a various checks that may be initiated by the purchaser or by their conveyancers which should give them a better understanding of the risks in Ripon. The conventional set of information sent to a buyer’s lawyer (where the Conveyancing Protocol is adopted) includes a usual inquiry of the seller to discover whether the property has suffered from flooding. If the property has been flooded in past and is not disclosed by the vendor, then a purchaser may issue a legal claim for losses stemming from an incorrect reply. A purchaser’s lawyers will also carry out an environmental search. This should indicate if there is a recorded flood risk. If so, more detailed inquiries should be carried out.
Are there restrictive covenants that are commonly picked up during conveyancing in Ripon?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Ripon. 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…’
My step-father has urged me to appoint his conveyancers in Ripon. Should I find my own property lawyer?
No doubt the best way to choose a conveyancing practitioner is to seek recommendations from friends or family who have previously instructed the solicitor that you are considering.