My solicitor has uncovered a a legal deficiency with the lease for the apartment we are purchasing in Tenby. The other side have suggested title insurance as a solution. We are happy with insurance and will cover the costs. Our property lawyer says that he must check that the lender is willing to move forward with this solution. Who is the client here, us or the bank?
Notwithstanding that you have a mortgage offer from the bank does not mean to say that the property will meet their provisions 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 mortgage company are the client. These conveyancing instructions have to be complied with.
At what point can the exchange of contracts occur in domestic conveyancing in Tenby and do I need to be at the solicitors branch?
If you are in close proximity to our conveyancing solicitors in Tenby you are welcome to come in to sign the paperwork. That being said, the lender approved solicitors we work with provide a countrywide conveyancing service and give as equally comprehensive and professional a job for you when dealing with you electronically. The executing of the sale agreement is not the point of no return. Signing on the dotted line is just a prerequisite for the firm to address the formalities when the time is right, which will usually be very shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Tenby)to be in the office at the appropriate time.
We are buying a house in Tenby. I might seem paranoid but how we can trust a conveyancer? On the day of competition we have to deposit our life savings into their account. What is the protection we have from them run away with our monies?
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 have paid off my mortgage with Lloyds. I assume I don't need a Tenby property lawyer on the Lloyds panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Lloyds mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Lloyds mortgage from the register. Lloyds, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Lloyds has sent the Land Registry the discharge electronically, and
- Lloyds has instructed the Land Registry to do so
I currently have a mortgage with UBS for my property in Tenby. Conveyancing has been completed a year ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform UBS?
You must advise UBS before letting out your property as this is likely to be a breach of UBS’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 UBS directly. It should not be necessary to do this via a UBS conveyancing panel firm.
My brother has suggested that I instruct his conveyancing solicitors in Tenby. Should I find my own conveyancer?
There are no two ways about it the ideal way to select a conveyancing solicitor is to get recommendations from friends or family who have actually previously instructed the conveyancer that you are considering.
My sister completed her conveyancing in Tenby in 2005. She has been married, widowed and is now married again. She wishes to market the property next spring. I believe she will just be need to provide a copy of her marriage certificates to the property lawyer but she is worried it will hold up the sale of the property. Should she instruct a lawyer to update the Land Registry details for the house?
The is no need to bring up to date the title for the property as long as you have the evidence needed to demonstrate how the name change has come about.
Any purchaser’s conveyancer will review the title information and need evidence by way of proof of the name change for instance marriage certificates.