Our lawyer has uncovered a a legal deficiency with the lease for the apartment we are buying in Clapham. The other side have suggested defective title insurance as a solution. We are content with insurance and will cover the costs. Our property lawyer says that he must check that the mortgage company 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 potential for a conflict of interest, you and the mortgage company are the client. Your conveyancer 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.
My husband and I wish to acquire a 3 bedroom flat in Clapham with a homeloan from Barclays Direct.We have a Clapham conveyancing solicitor but Barclays Direct advised that she’s not listed on their "panel". We have to appoint a Barclays Direct panel firm or keep our high street solicitor and fork out for a Barclays Direct panel lawyer to act for them. This seems very unfair; Can we not simply insist that Barclays Direct use our lawyer?
No, not really. The home loan offered to you is subject to its various provisions, one of which will be that conveyancers needs to be on the Barclays Direct solicitor panel. Until recently, most mortgage companies had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Barclays Direct
Various web forums that I have visited warn that are a common reason for hinderance in Clapham house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not feature amongst the common causes of delays in the conveyancing process. Searches are not likely to be the root cause of slowing down conveyancing in Clapham.
I have todaybeen informed that Action Conveyancing have been shut down. They conducted my conveyancing in Clapham for a purchase of a freehold house 12 months ago. How can I be sure that my home is not still registered in the name of the former proprietor?
The quickest method to see if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Clapham conveyancing specialists.
I am buying a new build house in Clapham with a loan from The Royal Bank of Scotland. The sellers would not reduce the amount so I negotiated 6k of additionals instead. The house builders rep told me not to tell my conveyancer about the deal as it may impact my loan with the bank. 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.
Due to the input of my in-laws I had a survey completed on a house in Clapham prior to appointing solicitors. I have been informed that there is a flying freehold aspect to the house. Our surveyor has said that some banks may refuse to issue a loan on a flying freehold premises.
It depends who your proposed lender is. Santander has different instructions from Birmingham Midshires. If you contact us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Clapham. Conveyancing may be slightly more expensive based on your lender's requirements.