Our conveyancer has discovered a a problem with the lease for the flat we are buying in Becontree. The seller’s lawyers have suggested defective title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancer has advised that he must ensure that the bank is willing to move forward with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company 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.
Will conveyancers request money on account when it comes to conveyancing in Becontree?
Where you are retaining lawyers for conveyancing in Becontree your solicitor will ask you put them with monies to cover the the cost of the conveyancing searches. Normally this is needed to cover the fees of the conveyancing searches. If any deposit is as part of the purchase price then this should be needed shortly before exchange of contracts. The closing balance that is needed should be sent to your lawyer a few days ahead of the day of completion.
What does a local search inform me concerning the property I am purchasing in Becontree?
Becontree conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search organisations for example PSG The local search plays an important role in most Becontree conveyancing purchase; that is if you wish to avoid any unpleasant once you have moved into your new home. The search should supply information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic areas.
I've recently found out that there is a flying freehold element on a house I have offered on two weeks back in what was supposed to be a straight forward, chain free conveyancing. Becontree is where the house is located. Can you shed any light on this issue?
Flying freeholds in Becontree are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Becontree you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Becontree 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.
I have been pointed in your direction by a number of selling agents in Becontree to locate a conveyancer on your site. Is there a financial upside for Estate Agents to offer your lawyers over and above alternative conveyancing organisations?
We don’t offer any financial incentive for pointing buyers and sellers our way. We found it would be just too difficult a fee because home movers will think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am four weeks into a leasehold purchase having been recommend to conveyancers by the local agent to do our conveyancing in Becontree. I am am very frustrated with the quality of service. Can you you assist me in finding new solicitors?
A lawyer would have to be really bad to suggest changing them. Has your loan offer been sent? If so you need to inform them of the new contact details and ensure the mortgage documents are issued to the new lawyers. Your conveyancer needs to be on the banks approved list to avoid added fees and delays. So that should be your starting point. Our find a solicitor tool should help you find a bank approved solicitor for your home move in Becontree