Our lawyer has discovered a a problem with the lease for the property we are purchasing in Ashton Under Lyne. The other side have put forward title insurance as a solution. We are happy with insurance and will pay for it. Our lawyer has advised that he must be satisfied that the lender is happy with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your 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 lawyer will have no choice but to discontinue acting for you.
In what way does my ID and proof of funds have anything to do with my conveyancing in Ashton Under Lyne? What am I being asked for?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to verify the identity of the potential client they are dealing with before they can accept their conveyancing retainer. The Terms and Conditions that you need to sign should reaffirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Should you are unwilling to provide identification documents, your lawyer would not be able to accept instructions from you.
five months have elapsed since my purchase conveyancing in Ashton Under Lyne took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am purchasing a new build house in Ashton Under Lyne with a loan from Santander. The builders would not reduce the amount so I negotiated £7000 of fixtures and fittings instead. The house builders rep told me not reveal to my conveyancer about the deal as it will put at risk my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Given that I will soon spend 450k on a two bedroom apartment in Ashton Under Lyne I wish to talk to a lawyer about mytransaction ahead of instructing the firm. Is this something that you can arrange?
Absolutely - it is our preference to talk to you we do not take any clients on without you liaising with the conveyancer due to be carrying out your property ownership legalities in Ashton Under Lyne.There is no ‘factory style conveyancing’ - every client is an important person, not a matter reference. The law firms that we put you in touch with believe that the fees you are quoted for your conveyancing in Ashton Under Lyne should be the figure that you are charged.
Me and my fiance are expecting to exchange buying a property in Ashton Under Lyne but as a result of wreckage from the recent storms I have negotiated reparation from the current proprietors of £2k taking the form of a reduction in the price. This was going to be dealt with as part of the conveyancing process however the lender will not permit this. Should they have been informed?
The conveyancing practitioner that is on the bank conveyancing panel is obliged to advise the lender of any variations to the purchase amount. In the event that you were to refuse your solicitor to report the price change to your bank then they would need to refrain from representing you and the bank.