Our lawyer has discovered a a legal deficiency with the lease for the apartment we are buying in Eye. The seller’s lawyers have suggested defective title insurance as a solution. We are happy with insurance and will cover the costs. Our property lawyer has advised that he must be satisfied that the bank is content with this solution. Who is the client here, us or the mortgage company ?
Even though you have a mortgage offer from the mortgage company does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the bank are the client. The appropriate lender requirements have to be complied with.
My lawyer in Eye is not listed on the Lloyds TSB Bank Conveyancing Panel. Can I still use my family solicitor notwithstanding that they are excluded from the Lloyds TSB Bank panel?
Your options are as follows:
- Carry on with your preferred Eye solicitors but Lloyds TSB Bank will need to instruct a solicitor on their list of acceptable firms. This will inevitably rack up the total conveyancing fees as well as result in delays.
- Get an alternative practitioner to to deal with the purchase, remembering to check they are on the Lloyds TSB Bank panel
I need some expedited conveyancing in Eye as I have an ultimatum to sign on the dotted line inside 2 weeks. A home loan is not required. Can I avoid the conveyancing searches to save fees and time?
If.Given you are not taking a mortgage you are at free not to have searches carried out although no conveyancer would recommend that you don't. With lots of history conveyancing in Eye the following are instances of issues that can be revealed and therefore impact the marketability of the property: Refused Planning Applications, Outstanding Fees, Overdue Grants, Unadopted Roads,...
How does conveyancing in Eye differ for newly converted properties?
Most buyers of new build premises in Eye come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is built. This is because developers in Eye usually purchase the site, 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 Eye or who has acted in the same development.
I am looking for a conveyancing lawyer in Eye for my remortgage. Can I see a firm’s record with the profession’s regulator?
One can see documented Solicitor Regulator Association (SRA) determinations arising from investigations commenced on or after 1 January 2008. Go to Check a solicitor's record. For records Pre 2008, or to check a firm's history, telephone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For non-uk callers, call +44 (0)121 329 6800. The regulator may recorded telephone calls for training requirements.
I am about to exchange on the purchase a property in Eye but as a result of wreckage from the recent storms I have negotiated recompense from the vendor of £3k taking the form of a adjustment in the price. I had intended this to be dealt with as part of the conveyancing process however my bank will not permit this. Why were they approached?
The property lawyer listed on the lender approved list is obliged to inform the bank of any changes to the purchase price. In the event that you were to refuse your lawyer to disclose the price change to your mortgage company then they would have to refrain from acting for you and the mortgage company.