My solicitor has identified a a problem with the lease for the property we are purchasing in Newport. The other side have suggested defective title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer has advised that he must be satisfied that the mortgage company is happy with this solution. Who is the client here, us or the bank?
Even though you have a mortgage offer from the lender 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 conditions. You and the lender are the client. The appropriate lender provisions must be adhered to.
Have just purchased a probate house at auction in Newport. Conveyancing is needed. What is next?
Given that you are now to in every practical sense signed on the dotted line you should appoint a conveyancing practitioner as a matter of priority as you are faced with a pending deadline in which to complete the deal. An auction property will ordinarily have a bespoke legal set of papers. This will include most,if not all of the paperwork that your conveyancer will need. If you have purchased leasehold premises the conveyancing pack may provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork specific to leasehold premises. You must give this to your appointed conveyancing solicitor as soon as possible. Do make sure that you have funds organised to complete on the on the contractual date .
is it true that all Newport solicitor practices on the Principality conveyancing panel are regulated by the SRA?
As a firm of solicitors, in order to be on the Principality approved list of solicitors they would need to be overseen by the SRA. Many lenders do list licenced conveyancers on their panel in which case such firms would be overseen by the CLC.
I had a mortgage agreed in principle with Nottingham. Newport conveyancing practitioners were selected. What is the average time that one could expect to receive a mortgage offer from Nottingham?
There is no definitive answer here. Have Nottingham completed the survey? Have you informed Nottingham as to your lawyers' details and checked that your lawyers are on the Nottingham conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
How does conveyancing in Newport differ for new build properties?
Most buyers of new build property in Newport contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is built. This is because new home sellers in Newport tend to acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Newport or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a property in Newport in advance of appointing solicitors. I have been told that there is a flying freehold overhang to the house. The surveyor advised that some lenders will not grant a mortgage on this type of premises.
It varies from the lender to lender. Santander has different requirements from Nationwide. Should you wish to telephone us we can check with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Newport. Conveyancing may be slightly more expensive based on your lender's requirements.
My fiance and I have recently had an offer agreed on a property and had meeting on Monday with the Post Office for the mortgage. They warned me that when it comes to selecting a lawyer that if they are not on their approved list of property lawyers then we will have to pay out an extra charge of £250+. This is because they would then have to select a property lawyer to act for them in addition to the one we select on our behalf and we assume responsibility for their invoice. I have asked the Post Office to send me with a list so I can obtain estimates only from their approved solicitors but was told they dont have such a list to hand over. Is there a list online?
You can enquire of the Post Office what their criteria for panel membership is for a conveyancer.Thereafter ask the property lawyer of your choice whether they meet the criteria and have they acted on mortgages for the Post Office in the past. Where the answer to those is yes, then just double check with the Post Office. Alternatively please make use of our search facility and we may be able to locate a solicitor in Newport on the panel for the Post Office.