My lawyer has identified a defect with the lease for the flat we are buying in East Boldon. The seller’s lawyers have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our lawyer says that he must check that the bank 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 risk of a conflict of interest, you and the lender are the client. Your conveyancer 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 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 conveyancer will have no choice but to discontinue acting for you.
Is it the case that all East Boldon CQS (Conveyancing Quality Scheme) solicitors are on the Lloyds conveyancing panel?
It is true that some lenders now make use of CQS as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of firms.
We previously appointed conveyancers based in East Boldon on the UBS solicitor approved list. They are now charging me a further fee for dealing with the UBS mortgage. Is this a supplemental conveyancing fee specified by UBS?
Provided it is contained in their Terms and Conditions or Quote then yes your conveyancing practitioner is entitled to charge a fee for this. This fee is not dictated by UBS but by your East Boldon lawyer. Numerous firms on the UBS panel will charge an ‘acting for lender’ fee and others do not.
I was told two weeks ago that my mortgage has been agreed to by UBS. Is it usual for UBS to only issue the offer once my solicitor in East Boldon is approved on their conveyancing panel? UBS have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for UBS to deal with your lawyer's application to be on the UBS conveyancing panel. There's no guarantee that your solicitor will be accepted.
Various web forums that I have come across warn that are the primary reason for delay in East Boldon conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of hindrances in the conveyancing process. Local searches are unlikely to feature in any holding up conveyancing in East Boldon.
Are there restrictive covenants that are commonly picked up as part of conveyancing in East Boldon?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in East Boldon. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Hoping to buy a property located in East Boldon and I am already nervous. I couldn't find anything specific about East Boldon. Conveyancing will be needed in due course but do you know about the East Boldon area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at East Boldon. In the meantime here are some basic statistics that we found
Is there a distinction between surveying and conveyancing in East Boldon?
Conveyancing - in East Boldon or elsewhere - is the legal term given to transferring legal title of property from one person to another. It involves the checking of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you are intending to buy and will help you discover the condition of the building and, if there are problems, give you leverage for negotiating the purchase price down or asking the vendor to fix the defects prior to you move in.