My solicitor has discovered a a problem with the lease for the apartment we are purchasing in Dartmouth. The seller’s lawyers have offered title insurance as a solution. We are content with insurance and will cover the costs. Our property lawyer has advised that he must ensure that the lender is content with this solution. Are we the client or is the lender?
Regardless of the fact that you have a mortgage offer from the lender does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the bank are the client. The appropriate lender specifications have to be complied with.
I have an AIP. The lender mentioned the loan came with free conveyancing. Is the implication that I have to use their panel solicitor as I would much rather appoint a high street conveyancing solicitor in Dartmouth?
Do check but the chances are that allocate you one of their panel solicitors should you accept the "fee-free" incentive. Contact the lender to explore if they allow a monetary alternative. In the past a few lenders offered a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor in Dartmouth.
We expect to receive a AIP from Kent Reliance this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Kent Reliance recommend any Dartmouth solicitors on the Kent Reliance conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Dartmouth solicitors independently although you'll need to choose one on the Kent Reliance conveyancing panel. The solicitor represents both you and Kent Reliance through the process.
I am due to exchange contracts on my flat. I had a double glazing fitted in December 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Santander are being problematic. The Dartmouth solicitor who is on the Santander conveyancing panel is saying indemnity insurance will be fine but Santander are insisting on a building regulation certificate. Why do Santander have a conveyancing panel if they don't accept advice from them?
It is probably the case that Santander have referred the matter to their valuer. The reason why Santander 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.
My sealed bid on a detached house in Dartmouth has been agreed to, but there is a chain. The owners have put an offer on somewhere, however it’s not been accepted yet, and have viewings of other apartments in the pipeline. I have selected a local conveyancing solicitor in Dartmouth. What do I do now? At what point should I apply for the mortgage with Leeds Building Society?
It is usual 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 approx £1k, then survey, Dartmouth conveyancing search charges, etc). First, you should ensure that your conveyancing practitioner is on the Leeds Building Society conveyancing panel. Concerning the subsequent stages this very much depends on the circumstances of your transaction, attraction to the property and on the state of the market. During a hot market many home buyers would apply for a home loan with Leeds Building Society and arrange for the valuation and only if it comes back ok would they ask their property lawyer to move forward with the conveyancing in Dartmouth.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one near me in Dartmouth I like with open areas and railway links in the vicinity, the downside is that it only has 52 years on the lease. I can't really find anything else in Dartmouth in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a home loan that many years may be problematic. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
I have been recommended by three or four local estate agents in Dartmouth to find a conveyancer using your seach tool. Is there a financial advantage for Estate Agents to recommend your services ahead of a competitor’s?
We don’t offer any commission for sending work in our direction. We thought it would be too underhand to pay a commission as a client could think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
Am I better off to go with a Dartmouth conveyancing solicitor who is local to the property I am buying? An old friend can deal with the legal work but her office is a couple of hundredkilometers drive away.
The benefit of a local Dartmouth conveyancing practice is that you can pop in to sign paperwork, deliver your ID and apply pressure on them where appropriate. They will also have local knowledge which is a benefit. That being said nothing is more important than finding someone that will pull out all the stops for you. If other friends have instructed your friend and in the main were impressed that should surpass using an unknown Dartmouth conveyancing lawyer just because they are round the corner.