My lawyer has identified a a problem with the lease for the apartment we are purchasing in Bookham. The other side have suggested defective title insurance as a solution. We are happy with insurance and will cover the costs. Our property lawyer says that he must be satisfied that the bank is content with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank 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 conveyancer will have no choice but to discontinue acting for you.
My Solicitor in Bookham is not listed on the Barnsley Building Society Solicitor Panel. Is it possible for me to retain my prefered solicitor notwithstanding that they are not on the Barnsley Building Society list of approved lawyers?
The limited options available to you here include:
- Complete the purchase with your existing Bookham lawyers but Barnsley Building Society will need to use a lawyer on their panel. This will result in additional total legal charges as well as result in delays.
- Find an alternative lawyer to to deal with the purchase, obviously checking they are Convince your conveyancer to do everything within their powers to join the Barnsley Building Society conveyancing panel
We expect to receive a AIP from Aldermore this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Aldermore recommend any Bookham solicitors on the Aldermore conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Bookham solicitors independently although you'll need to choose one on the Aldermore conveyancing panel. The solicitor represents both you and Aldermore through the process.
It is not clear whether my lender requires a lease extension. I have called into my local Bookham bank branch on a couple of occasions and was told they are content with the situation and they will lend. My Bookham conveyancing solicitor - who is on the lender conveyancing panel- called and was told they will not lend in accordance with their published requirements. Who do I believe?
The conveyancer must comply with the CML Handbook section two provisions for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I have instructed a Bookham conveyancer having made sure that they are on the Santander conveyancing panel. Does my lawyer arrange the survey of the property?
Santander will need an independent valuation of the property. Your lawyer will not arrange this. Usually Santander will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Bookham surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
How does conveyancing in Bookham differ for new build properties?
Most buyers of new build premises in Bookham approach us having been asked by the developer to exchange contracts and commit to the purchase even before the house is built. This is because house builders in Bookham 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 conveyancers 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 Bookham or who has acted in the same development.
Am I right to be suspicious that 3rd parties that I am dealing with are recommending an online conveyancing firm rather than a local Bookham conveyancing company?
As is the case with many service providers, often input from relatives can be extremely useful or valuable. Nevertheless there are numerous parties with a keen interest in a conveyancing deal; estate agents, mortgage brokers and lenders may suggest conveyancers to choose. On occasion the lawyers might be known to one of the organisations as experts in their field, but sometimes there behind the scenes financial incentive behind the recommendation. You have the discretion to select your preferred conveyancer. You need to be aware that the majority of banks have an approved list of conveyancers you are obliged to use for the mortgage related work in your transaction.
In searching the web for the words on line conveyancing in Bookham it brings up many property lawyersin the area. How do I determine which is the right conveyancing solicitor for purchase transaction?
The best way of choosing the right conveyancer is through a trusted referral, so enquire of colleagues and family who have bought a property in Bookham or the reputable estate agent or financial adviser. Costs for conveyancing in Bookham vary, so it's advisable to secure at least four quotes from varying types of solicitors. Make sure that you clarify that the costs are assured not to increase.