Our lawyer has discovered a a legal deficiency with the lease for the property we are buying in Ettington. The seller’s lawyers have put forward title insurance as a solution. We are happy with insurance and will pay for it. Our property lawyer says that he must be satisfied that the lender is content with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your conveyancing practitioner 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 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 property lawyer will have no choice but to discontinue acting for you.
What does my ID and proof of funds have anything to do with my conveyancing in Ettington? Is this really necessary?
To satisfy the Money Laundering Regulations any Ettington conveyancing firm will require evidence of your identity in all conveyancing transactions. This is usually dealt with by provision of a passport and an original bank statement or utility account evidencing your correct address.
Under Money Laundering Regulations, conveyancing solicitors are duty bound to check not simply the ID of conveyancing clients but also the origin of fund that they receive in respect of any matter. An unwillingness to disclose this may result in your solicitor terminating their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to notify the relevant authorities should they believe that any amounts received by them may contravene the Money Laundering Regulations.
Is there a list of Virgin Money panel solicitors in Ettington on the UK Finance Lenders’ Handbook Website?
No. There is no such tool on the CML or Building Society Association sites. A small selection of mortgage companies make their panel listings visible over the internet. Where you are looking for a Ettington solicitor on the Virgin Money please use our tool.
I have a mortgage with Principality for my property in Ettington. Conveyancing has been completed a year ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Principality?
You must advise Principality before renting your property as this is likely to be a breach of Principality’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Principality directly. It should not be necessary to do this via a Principality conveyancing panel solicitor.
I can not fathom if my lender requires a lease extension. I have called into my local Ettington bank branch on various occasions and was informed it wasn't an issue and they will lend. My Ettington conveyancing solicitor - who is on the bank conveyancing panel- called to say that they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Your property lawyer must comply with the CML Handbook Part 2 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.
What can a local search inform me concerning the property my wife and I buying in Ettington?
Ettington conveyancing often starts with the submitting local authority searches directly from your local Authority or via a personal search company such as Searchflow The local search plays a central role in many a Ettington conveyancing purchase; as long as you wish to avoid any unpleasant surprises after you move into your property. The search should reveal information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic sections.
In what way does the Landlord & Tenant Act 1954 affect my commercial offices in Ettington and how can you help?
The particular law that you refer to provides protection to business lessees, giving them the right to make a request to court for a new lease and continue in occupation at the end of an expired lease. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing firms who use the act for protection and assist with commercial conveyancing in Ettington
As co-executor for the estate of my uncle I am disposing of a residence in Newport but I am based in Ettington. My solicitor (based 300 kilometers from mehas requested that I sign a stat dec prior to completion. Can you recommend a conveyancing practitioner in Ettington to attest and place their company stamp on the document?
Technically speaking you are unlikely to be required to have the documents witnessed by a conveyancing solicitor. Normally any notary public or qualified solicitor will do regardless of whether they are located in Ettington