Our lawyer has uncovered a defect with the lease for the property we are buying in Cotham. The other side have suggested title insurance as a workaround. We are happy with insurance and will pay for it. Our solicitor has advised that he must ensure that the mortgage company is happy 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 mortgage company 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 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 property lawyer will have no choice but to discontinue acting for you.
It is is a decade since I bought my home in Cotham. Conveyancing solicitors have just been retained on the sale but I am unable to track down the deeds. Will this jeopardise the sale?
You need not be too concerned. First there is a possibility that the deeds will be kept by the mortgage company or they could be in the possession of the conveyancers who acted in your purchase. Secondly the chances are that the title will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing lawyers obtaining current official copies of the land registers. The vast majority of conveyancing in Cotham relates to registered property but in the unlikely event that your home is not registered it adds to the complexity but is resolvable.
My husband and I are hoping to buy a purpose built flat in Cotham with a mortgage from Norwich and Peterborough Building Society.We have a Cotham conveyancing lawyer but Norwich and Peterborough Building Society advised that he's not on their "panel". we are left little option but to use a Norwich and Peterborough Building Society panel solicitor or retain our preferred solicitor and fork out for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The home loan issued to you is subject to its terms and conditions, one of which will be that solicitors will be on the Norwich and Peterborough Building Society solicitor panel. in the past, most banks had large numbers of law firms on their panels: a borrower could choose 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. A further alternative is for your lawyer to apply to be on the conveyancing panel for Norwich and Peterborough Building Society
I'm buying a new build house in Cotham with the aid of help to buy. The builders refused to reduce the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative advised me not disclose to my lawyer about the deal as it would adversely affect my loan with the lender. Do I keep my lawyer in the dark?.
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.
I opted to have a survey done on a house in Cotham ahead of retaining lawyers. I have been advised that there is a flying freehold overhang to the house. The surveyor advised that some banks will not grant a mortgage on a flying freehold house.
It depends who your proposed lender is. HSBC has different requirements for example to Birmingham Midshires. Should you wish to call us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Cotham. Conveyancing may be slightly more expensive based on your lender's requirements.
How do I search for a Cotham law firm on the Platform Home Loans Ltd conveyancing panel? I have wheels and am prepared to travel upto 10miles to meet the solicitor.
You can use the search on this website. Please select a lender and your location and you will see a number of Cotham conveyancing lawyers located nearest you. We have detailed some Cotham conveyancing firms towards the end of this page and you can call them to verify whether they are on the Platform Home Loans Ltd member panel