Our solicitor has uncovered a a problem with the lease for the flat we are purchasing in Breaston. The other side have suggested title insurance as a workaround. We are content with insurance and will pay for it. Our property 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 risk of a conflict of interest, you and the lender are the client. Your solicitor 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 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 property lawyer will have no choice but to discontinue acting for you.
Do lawyers request money on account when it comes to conveyancing in Breaston?
If you are buying a property in Breaston your lawyer will request that you place them with monies to cover the search fees. This will be the total of the cost of the conveyancing searches. When the deposit is as part of the total price then this should be asked for shortly prior to exchange of contracts. Any further balance that is needed will be payable shortly before completion.
I am due to exchange contracts on my flat. I had a double glazing fitted in February 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Virgin Money are being pedantic. The Breaston solicitor who is on the Virgin Money conveyancing panel is saying indemnity insurance will be fine but Virgin Money are insisting on a building regulation certificate. Why do Virgin Money have a conveyancing panel if they don't accept advice from them?
It is probably the case that Virgin Money have referred the matter to their valuer. The reason why Virgin Money may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Kent Reliance have agreed my mortgage in principle, my offer on a property in Breaston has been agreed to, now what?
The estate agent will wish to be advised as to your conveyancing practitioner's details (ensure that the property lawyers are on the bank’s panel). Contact Kent Reliance or the broker and complete any appropriate forms. Kent Reliance will instruct a valuer who will get in touch with the estate agent or vendor to arrange an appointment. Once carried out (assuming no problems) it takes on average ten days for the mortgage offer to be issued. Kent Reliance will send the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Breaston.
My sealed bid on a house in Breaston has been agreed to, but there is a chain. The sellers have placed an offer on on an apartment, however it’s not yet agreed to, and are looking at other flats in the pipeline. I have instructed a bricks and mortar conveyancing solicitor in Breaston. What should be my next step? When do I get the mortgage application with Aldermore started?
It is understandable to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is in the region of one thousand pounds, then survey, Breaston conveyancing search charges, etc). First, you must check that your solicitor is on the Aldermore conveyancing panel. Concerning the next phase this very much depends on the uniqueness of your transaction, desire for this property and on the state of the market. During a buoyant market some purchasers will apply for the mortgage with Aldermore and pay for the valuation and only if it was satisfactory would they pay their property lawyer to move forward with the conveyancing in Breaston.
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 simple, chain free conveyancing. Breaston is the location of the property. Can you offer any guidance?
Flying freeholds in Breaston are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Breaston you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Breaston may determine 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 property.
What makes your site different to other internet conveyancing solicitors when it comes to conveyancing in Breaston?
At this site secure a fixed fee costs illustration from a Solicitor or Licensed Conveyancer that has a full understanding of the nuances for your conveyancing in Breaston. As opposed to estate agents and many comparison sites we are not in the business of charging firms a commission if you choose them for your home move in Breaston
We have an offer in principle from Alliance & Leicester who suggested we could borrow up to £117k. At what point do we need to instruct a practitioner for conveyancing? Breaston is where we plan to move to.
It would be wise to appoint a conveyancer now so that the conveyancer can open the ledger so they can conduct the AML checks etc. Once you wish them to start work they will seek a payment on account normally about £200. That would generally be once you have the loan offer from the bank and survey results, nevertheless should you want to expedite matters you can get going sooner albeit risking some money.