Our lawyer has identified a defect with the lease for the property we are buying in Gidea Park. 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 ensure that the lender is happy 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 bank are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company 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.
Can you point me to a directory of Bank of Ireland panel solicitors in Gidea Park on the Building Society Association’s Website?
No. There is no such directory service on the CML or Building Society Association sites. Very few banks make their panel listings open the public online. Where you are seeking to appoint a Gidea Park conveyancing practitioner on the Bank of Ireland please make the most of our facility.
I am purchasing a property in Gidea Park. One unusual aspect is that the roof has a solar panel. Bank of Ireland have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Bank of Ireland your lawyer must comply with the formal requirements contained in Part two of UK Finance Lenders’ Handbook for Bank of Ireland. The CML Handbook includes minimum requirements for solar panel roof-space leases, and lawyers are required to report to Bank of Ireland where a lease fails to satisfy these requirements. The requirements relate to the installation of panels on properties countrywide and is not limited to Gidea Park.
Lloyds have agreed my home loan in principle, my offer on a apartment in Gidea Park has been accepted, now what?
Your property agent will want to be informed of your lawyer's details (make sure the property lawyers are on the lender’s approved list). Call up Lloyds or the financial adviser and finish off any outstanding forms. Lloyds will sellect a valuer who will get in touch with the estate agent or seller to schedule an appointment. Once carried out (assuming no problems) it takes approximately ten days for the mortgage offer to be issued. Lloyds will issue the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Gidea Park.
Despite weeks of looking the Title Certificate and documents to my house can not be found. The conveyancers who handled the conveyancing in Gidea Park 4 years ago no longer exist. What are my next steps?
You no longer need to hold title original deeds to evidence that you own the land or property, given that the Land Registry hold details of all registered land or property electronically.
I'm buying my first flat in Gidea Park with a mortgage from Godiva Mortgages Ltd. The sellers would not move on the price so I negotiated five thousand pounds worth of extras instead. The property agent advised me not reveal to my lawyer about the deal as it would jeopardize my mortgage with the lender. Should I keep quiet?.
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.
In what way can the Landlord & Tenant Act 1954 impact my business property in Gidea Park and how can you help?
The 1954 Act provides protection to business tenants, granting the legal entitlement to apply to court for a continuation of occupancy when the lease comes to an end. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Gidea Park is one of our many locations in which the firms we work with are based
Am I best advised to go with a Gidea Park conveyancing lawyer based in the location that I am purchasing? I have an old university friend who can deal with the legal work but his firm is located over three hundred miles away.
The benefit of a high street Gidea Park conveyancing practice is that you can attend the office to execute paperwork, hand in your ID and pester them if necessary. Having local Gidea Park know how is a plus. That being said it's more important to get someone that will pull out all the stops for you. If if people you trust used your friend and the majority were happy that should surpass using an unfamiliar Gidea Park conveyancing lawyer just because they are Gidea Park based.