My conveyancer has uncovered a defect with the lease for the apartment we are purchasing in Hope Valley. The seller’s lawyers have offered defective title insurance as a workaround. We are content with insurance and will cover the costs. Our property lawyer has advised that he must ensure that the mortgage company is happy with this solution. Who is the client here, us or the mortgage company ?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the bank are the client. The appropriate lender conditions must be adhered to.
I had intended to instruct a property lawyer in Hope Valley for our home move. Our broker informed us that our mortgage lenders Yorkshire Building Society won't deal with them. Surely this is unduly restrictive?
A decade ago most lenders had a different appetite for risk. Almost all Hope Valley conveyancing firms would have been on many mortgage company panels. The Financial Services Authority in 2010 completed a thematic investigation into mortgage fraud which concluded: know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more information from law firms regarding their operations and the individuals who work for them and set certain criteria such a completing on a minimum number of transactions. Many Hope Valley conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Hope Valley is amongst the many areas where the solicitors showing on our search results are are approved Yorkshire Building Society.
My father advised me that in buying a property in Hope Valley there may be various restrictions as to what one can do in terms of external changes to a property. Is this right?
There are a number of properties in Hope Valley which have some sort of restriction or requirement of consent to external variations. Part of the conveyancing in Hope Valley should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We have a mortgage agreed in principle with Virgin Money. Hope Valley conveyancing practitioners were selected. How long does it take for Virgin Money to send the offer to the property lawyer?
There is no definitive answer here. Have Virgin Money completed the valuation? Have you advised Virgin Money as to your lawyers' details and checked that your lawyers are on the Virgin Money conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I am expecting a OIP from Principality this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Principality recommend any Hope Valley solicitors on the Principality conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Hope Valley solicitors independently although you'll need to choose one on the Principality conveyancing panel. The solicitor represents both you and Principality through the process.
Have purchased a a terraced house in Hope Valley , What is the estimated time for the Land Registry to register the transfer to my name? My Hope Valley conveyancing solicitor works at snail pace, so I want to check the land registry aspects are concluded.
As far as conveyancing in Hope Valley registration is no quicker or slower than the rest of England and Wales. As opposed to being determined by geographic area, timescales can vary subject to who lodges the application, whether it is in order and if the Land registry communicate with any 3rd parties. At present in the region of 80% of such applications are fully addressed within two weeks but occasionally there can be extensive hold-ups. Registration is effected after the buyer has moved in to the premises thus 'speed' is not always primary concern but if it is urgent that the the registration takes place urgently then you or your solicitor must contact the land registry and explain the circumstances.
My uncle has suggested that I instruct his conveyancing solicitors in Hope Valley. Do I take his guidance?
There are no two ways about it the ideal way to find a conveyancing practitioner is to get referrals from friends or relatives who have actually experience in using the firm that you are contemplating using.