Our lawyer has discovered a a legal deficiency with the lease for the flat we are buying in Downham Market. The seller’s lawyers have offered defective title insurance as a solution. We are happy with insurance and will pay for it. Our lawyer says that he must ensure that the mortgage company is willing to move forward with this solution. Who is the client here, us or 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 lawyer must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender 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.
I had intended to instruct a property lawyer in Downham Market for our home move. Our broker has since notified us that our mortgage lenders Coventry Building Society won't deal with them. Why is this not regarded as unfair competition?
Pre- 2008 most lenders had a different appetite for risk. Almost all Downham Market conveyancing firms would have been on many mortgage company panels. The financial services regulator in 2010 carried out a thematic review into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies are increasingly seeing more data from law firms concerning their operations and their employees as well as establishing certain criteria such a completing on a minimum number of conveyancing. Many Downham Market conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Downham Market is one of the thousands of locations where the solicitors we recommend are on the panel for Coventry Building Society.
Can you point me to a directory of RBS panel solicitors in Downham Market on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such directory service on the CML or Building Society Association websites. Very few lending institutions make their panel listings open the public over the internet. If you are in need of a Downham Market property lawyer on the RBS please make the most of our tool.
We previously instructed solicitors with offices in Downham Market on the Santander solicitor approved list. They have just invoiced me a separate sum for handling the Santander mortgage. Is this a supplemental conveyancing fee specified by Santander?
As unfair as it may seem, as long as it’s in their Terms of Engagement or estimate then yes your conveyancing practitioner can levy a fee for this. This charge is not set by Santander but by your Downham Market property lawyer. Plenty of firms on the Santander panel will levy an ‘acting for lender’ fee but some practices include it on their overall fee.
We are getting the release of further monies on our home loan from Aldermore as we want to conduct alterations to our property in Downham Market. Are we obliged to select a bricks and mortar Downham Market solicitor on the Aldermore conveyancing panel to deal with the legals?
Aldermore would not normally appoint a member of their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Aldermore panel.
Is it necessary to take out insurance to cover chancel repairs when acquiring a house in Downham Market?
Unless a prior purchase of the property completed post 12 October 2013 you may expect lawyers carrying out conveyancing in Downham Market to remain recommending a chancel search and or insurance against a claim.
Despite weeks of looking the Title Certificate and documents to my house are lost. The solicitors who conducted the conveyancing in Downham Market 5 years ago no longer exist. What do I do?
You no longer need to have the physical official documentation to establish that you are the owner of your registered land or premises, given that the Land Registry hold details of all registered land or property electronically.
I'm buying my first flat in Downham Market with the aid of help to buy. The sellers refused to reduce the price so I negotiated five thousand pounds worth of extras instead. The sale representative told me not to tell my solicitor about this extras as it may put at risk my loan with the lender. Is this normal?.
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.