Our lawyer has uncovered a defect with the lease for the flat we are buying in Ladywood. The other side have offered title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor says that he must be satisfied that the lender is happy with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your property lawyer will have no choice but to discontinue acting for you.
I had intended to instruct a property lawyer in Ladywood for our home move. Our financial adviser informed us that our mortgage lenders Godiva Mortgages Ltd won't deal with them. Surely this is unfair competition?
Mortgage Companies normally imposes restrictions either the type or the amount of conveyancing solicitors on their approved list of lawyers. A common example of such restriction(s) being that a law practice must have two or more partners. In addition to restricting the profile of firm, some have limited the amount of solicitor practices they allow to act for them. Be aware that Godiva Mortgages Ltd have no responsibility for the quality of advice provided by any member of Godiva Mortgages Ltd Conveyancer Panel. Mortgage fraud was a key driver in the reduction of solicitor panels since 2008 even though there remains mixed opinions about the extent of solicitor engagement in some of that fraud. Figures from the Land Registry reveal that thousands of law firms, including some in or near Ladywood only carry out very few conveyances a year.
I am purchasing a property and the solicitor has referenced Chancel Repair to which the property could be obligated to contribute to given it’s proximity to the area of such a church. She has mentioned insurance. Is this really required for conveyancing in Ladywood
Unless a previous acquisition of the property completed post 12 October 2013 you may expect conveyancing practitioners handling conveyancing in Ladywood to remain recommending a chancel search and or chancel repair liability insurance.
How does conveyancing in Ladywood differ for newly converted properties?
Most buyers of new build premises in Ladywood contact us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is finished. This is because house builders in Ladywood usually buy 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 Ladywood or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in a fortnight ago in what should have been a straight forward, chain free conveyancing. Ladywood is where the house is located. Can you shed any light on this issue?
Flying freeholds in Ladywood are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Ladywood you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ladywood may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Are you able to clarify what options are open to me if my Ladywood conveyancing searches reveals adverse entries?
Usually, almost all concerns that arise in Ladywood conveyancing search results can be dealt with ahead of completion or title insurance may be put on cover. You should note that even though you may be acquiring the premises and may be content to live with the search results, your mortgage lender may not, and ultimately the decision rests with them.