Our solicitor has discovered a a legal deficiency with the lease for the property we are purchasing in Faversham. The other side have suggested title insurance as a solution. We are happy with insurance and will pay for it. Our lawyer says that he must check that the bank is content with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your conveyancer 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.
is it true that all Faversham conveyancing solicitors on the Lloyds conveyancing panel are overseen by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Lloyds conveyancing panel they would need to be governed by the SRA. Some banks do allow licenced conveyancers on their panel in which case such organisation would be governed by the Council of Licensed Conveyancers.
I am selling my house. I had a double glazing fitted in July 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Yorkshire BS are being difficult. The Faversham solicitor who is on the Yorkshire BS conveyancing panel is saying indemnity insurance will be fine but Yorkshire BS are insisting on a building regulation certificate. Why do Yorkshire BS have a conveyancing panel if they don't accept advice from them?
It is probably the case that Yorkshire BS have referred the matter to their valuer. The reason why Yorkshire BS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
About to purchase house in Faversham. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Coventry BS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Faversham property lawyer is on the Coventry BS conveyancing panel.
Should my conveyancer be raising enquiries about flooding during the conveyancing in Faversham.
The risk of flooding is if increasing concern for lawyers carrying out conveyancing in Faversham. There are those who acquire a property in Faversham, fully expectant that at some time, it may be flooded. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or dispose of the property. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Conveyancers are not qualified to give advice on flood risk, however there are a numerous checks that can be initiated by the purchaser or by their solicitors which can figure out the risks in Faversham. The standard property information forms supplied to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the vendor to find out if the property has suffered from flooding. If the premises has been flooded in past and is not disclosed by the seller, then a buyer may bring a compensation claim as a result of such an incorrect response. A buyer’s conveyancers will also order an environmental search. This will reveal if there is a recorded flood risk. If so, additional inquiries should be carried out.
I am buying a new build house in Faversham benefiting from help to buy. The builders would not move on the price so I negotiated £7000 of additionals instead. The estate agent suggested that I not to tell my conveyancer about the deal as it may adversely affect my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have been on the look out for a ground for flat up to £235,500 and found one round the corner in Faversham I like with amenity areas and station in the vicinity, however it only has 52 remaining years left on the lease. I can't really find anything else in Faversham in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you require a mortgage the remaining unexpired lease term will likely be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of twenty four months you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
My partner and I hope to purchase our 1st property in Faversham. Conveyancing solicitor has been chosen. The financial consultant suggested that a survey is not appropriate as the house is only 17 years old.
You would be best advised to take a Home Buyer's Report. Given the premises is over ten years old the property will not come with a warranty, so you would be well advised not to take a risk. For a property that age with no signs of defects a Home Buyer's report could suffice. They will highlight any apparent issues and recommend further investigation if relevant. If there are any signs of problems obtain a comprehensive structural survey.