My conveyancer has discovered a defect with the lease for the flat we are buying in Eltham. The other side have offered defective title insurance as a workaround. We are content with insurance and will cover the costs. Our lawyer has advised that he must check that the mortgage company is willing to move forward with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook specifications. 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 conveyancing practitioner will have no choice but to discontinue acting for you.
As a first time buyer what is the most important number one tip you can give me about purchase conveyancing in Eltham?
You may not hear this from too many lawyers but conveyancing in Eltham or throughout England and Wales is an adversarial experience. In other words, when it comes to conveyancing there exists lots of opportunity for friction between you and others involved in the ownership transfer. For example, the vendor, property agent and on occasion the mortgage company. Choosing a law firm for your conveyancing in Eltham an important selection as your conveyancer is your adviser, and is the ONE person in the process whose responsibility is to act in your best interests and to protect you.
On occasion a third party with a vested interest will try and sway you that you should follow their advice. As an example, the property agent may claim to be helping by claiming that your lawyer is slow. Or your financial adviser may tell you to do something that is against your solicitors advice. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
We had selected conveyancing lawyers based in Eltham on the Clydesdale solicitor approved list. They have just invoiced me a supplemental fee for handling the Clydesdale mortgage. Is this an additional conveyancing fee specified by Clydesdale?
As unfair as it may seem, as long as it’s in their Terms of Engagement or Quote then yes your conveyancer is entitled to levy a fee for this. This fee is not set by Clydesdale but by your Eltham property lawyer. Numerous firms on the Clydesdale panel will quote ’dealing with mortgage’ fee but some firms incorporate it on their overall fee.
We have a mortgage agreed in principle with Kent Reliance. Eltham conveyancing lawyers were chosen. What is the average time that one could expect to receive a mortgage offer from Kent Reliance?
There is no definitive answer here. Have Kent Reliance done the survey? Have you advised Kent Reliance as to your lawyers' details and checked that your lawyers are on the Kent Reliance conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I can not work out if my mortgage offer requires a lease extension. I have telephoned my Eltham bank branch on numerous occasions and was told they are content with the situation and they would lend. My Eltham conveyancing solicitor - who is on the lender conveyancing panel- called to say that they will not lend in accordance with their published requirements. Who do I believe?
Your conveyancing practitioner has to follow the CML Handbook section two conditions for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Various internet forums that I have come across warn that are the primary cause of hinderance in Eltham conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) published findings of research by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of hindrances in the conveyancing process. Searches are not likely to feature in any holding up conveyancing in Eltham.
I have a terraced Georgian house in Eltham. Conveyancing practitioner acted for me and Leeds Building Society. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, another for leasehold under the exact same property. Is it worth asking Leeds Building Society to clarify?
You should assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Eltham and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the situation with your conveyancing lawyer who completed the work.
How does conveyancing in Eltham differ for new build properties?
Most buyers of new build premises in Eltham contact us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is constructed. This is because builders in Eltham typically buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Eltham or who has acted in the same development.