Our lawyer has identified a a legal deficiency with the lease for the flat we are purchasing in Bingham. The seller’s lawyers have offered defective title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancer has advised that he must check that the mortgage company is content with this solution. Are we the client or is the bank?
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 solicitor 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.
My grandmother passed away last year and as sole heir and executor I was left the house in Bingham. The house had a relatively small loan remaining of approximately £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Co-operative, pay off the mortgage. Is this possible?
Given you plan to refinance then Co-operative will insist on your using a conveyancer on the Co-operative conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Co-operative conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Co-operative mortgage is registered as a charge at the Land Registry.
Various web forums that I have come across warn that are the number one reason for stalling in Bingham house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of hindrances in the conveyancing process. Searches are not likely to feature in any slowing down conveyancing in Bingham.
I used Stirling Law a few years ago for my conveyancing in Bingham. Now, I need the files but the law firm has closed. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Bingham of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I'm buying my first flat in Bingham with a mortgage from Skipton Building Society. The builders would not budge the price so I negotiated £7000 of extras instead. The sale representative told me not inform my lawyer about the extras as it could impact my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Due to the input of my in-laws I had a survey completed on a house in Bingham ahead of retaining solicitors. I have been told that there is a flying freehold element to the property. Our surveyor has said that some banks will refuse to give a mortgage on this type of house.
It depends who your proposed lender is. Santander has different instructions from Halifax. Should you wish to telephone us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Bingham. Conveyancing will be smoother if you use a solicitor in Bingham especially if they are acquainted with such properties in Bingham.