My conveyancer has discovered a defect with the lease for the property we are purchasing in Durham. The seller’s lawyers have put forward title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancing practitioner has advised that he must check 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 bank are the client. Your lawyer 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 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 lawyer will have no choice but to discontinue acting for you.
In what way does my ID and proof of funds have anything to do with my conveyancing in Durham? What am I being asked for?
It is indeed that case that the requirement set out by your lawyer has nothing to do with conveyancing in Durham. However these days you can not complete any conveyancing process if you have not handing over evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence and a utility bill. Remember if you are supplying your driving licence as evidence of identification it must be both the paper part as well as the photo card part, one is not satisfactory without the other.
Proof of the origin of money is required under Money Laundering Regulations. You should not be offended when when this is requested of you as your conveyancing solicitor will need to have this information on file. Your Durham conveyancing solicitor will need to see evidence of proof of funds before they are able to accept any monies from you into their client account and they should also ask further questions regarding the source of funds.
We are expecting a mortgage offer soon. The lender mentioned the loan came with free conveyancing. Does this mean I have to instruct their panel solicitor as I would much rather instruct a Durham based conveyancing firm?
You should check but the the probability is that appoint one of their panel solicitors if you accept the "fee-free" incentive. Call the bank and ask if they allow a cash alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case that money can go towards the cost for your conveyancing solicitor near Durham.
Should my solicitor be raising enquiries concerning flooding as part of the conveyancing in Durham.
Flooding is a growing risk for solicitors carrying out conveyancing in Durham. There are those who acquire a house in Durham, completely expectant that at some time, it may be flooded. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to offer advice on flood risk, however there are a number of checks that may be carried out by the purchaser or on a buyer’s behalf which should give them a better appreciation of the risks in Durham. The conventional set of property information forms supplied to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the owner to determine whether the premises has historically flooded. If flooding has previously occurred which is not revealed by the vendor, then a buyer may bring a compensation claim as a result of such an misleading answer. A buyer’s conveyancers should also order an environmental search. This will reveal if there is any known flood risk. If so, more detailed investigations will need to be made.
My business partner and I are intending to lease a unit on the high street. Can you recommend solicitors offering no-sale-no fees for non-domestic conveyancing in Durham for less than 2k?
We are happy to recommend firms who have well rounded knowledge of commercial conveyancing in Durham, including the disposal and acquisition of businesses as well as simply premises. Whether you are looking to acquire or lease a shop, pub, restaurant, office, retail unit or a whole business we will find you the right lawyer. Regarding the charges this will depend on the structure and complexity of the proposed transaction. Let us have your contact information or telephone so as to enable us to furnish you with comprehensive commercial conveyancing quote.
I need to find a mortgage company panel solicitor in Durham. Could you help me?
It is not clear why you need a Durham panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to the bank to find out which solicitors in Durham are on their panel . If you do find such a firm in Durham not listed please direct them to our site to list. After all the cost is only one £1 a month