We are buying our first property. The lawyer has messagedto ask if we would like to order additional conveyancing searches. As novices we are clueless as to what's necessary for conveyancing in Watchet
The type of Watchet conveyancing searches should be triggered based primarily on the premises, the location, the possibility of any of these risks, your knowledge of the locality and risks, your general appetite to risk. What is important is that you adequately comprehend what information the searches could provide. Then you can make a decision if you consider that you need that search. Where you are uncertain, ask your solicitor to offer guidance.
How up to date is your search tool for Watchet conveyancing solicitors on the RBS conveyancing panel? Do RBS send you an updated list?
Watchet conveyancing firms themselves provide us confirmation that they are on the RBS conveyancing panel as opposed to being supplied with a list from RBS directly.
It is unclear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Watchet bank branch on various occasions and was informed it wasn't an issue and they will lend. My Watchet conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend based on their published requirements. I have no idea who is right.
As long as the solicitor is on the bank panel, she or he must follow the CML Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am due to exchange contracts on my house. I had a double glazing fitted in May 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, UBS are being difficult. The Watchet solicitor who is on the UBS conveyancing panel is recommending indemnity insurance as a solution but UBS are insisting on a building regulation certificate. Why do UBS have a conveyancing panel if they don't accept advice from them?
It is probably the case that UBS have referred the matter to their valuer. The reason why UBS 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.
At last I have had an offer on a flat in Watchet accepted, the vendors do however have a connected purchase. The sellers have offered on somewhere, however it’s not yet agreed to, and have viewings of other apartments in the pipeline. I have instructed a local conveyancing solicitor in Watchet. What should be my next step? At what point do I apply for the mortgage with Coventry BS?
It is normal to have concerns where there is a chain as you are unlikely to want to incur expenses too early (mortgage application is approx one thousand pounds, then survey, Watchet conveyancing search charges, etc). The first thing to do is ensure that your conveyancer is on the Coventry BS approved list. Concerning the next steps this very much depends on the circumstances of your case, desire for the property and on the state of the market. In a rising market many buyers would apply for a home loan with Coventry BS and pay for the valuation and only if it comes back ok would they ask their conveyancer to move forward with searches.
Over the last few months I have been searching for a ground for flat up to £305k and identified one round the corner in Watchet I like with amenity areas and station in the vicinity, however it only has 61 years on the lease. I can't really find anything else in Watchet suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a mortgage the shortness of the lease may be an issue. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you may ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
Do I need to be wary that brokers that I am dealing with are recommending an internet conveyancing firm as opposed to a local Watchet conveyancing practice?
As with many professional services, often input from connections can be extremely useful or valuable. Nevertheless there are lots of people with a vested interest in a conveyancing transaction; estate agents, mortgage brokers and banks may recommend lawyers to select. On occasion these solicitors might be known to one of the organisations as experts in their field, but sometimes there behind the scenes financial incentive behind the endorsement. You are free to choose your own lawyer. However, bear in mind that many mortgage providers specify a panel list of solicitors you are obliged to use for the mortgage related work in your conveyancing.