Our solicitor has discovered a defect with the lease for the flat we are purchasing in Goodmayes. The seller’s lawyers have put forward defective title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancer says that he must ensure that the bank is content 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 conditions. 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 lawyer will have no choice but to discontinue acting for you.
Can you clarify what the consequences are if my lawyer’s firm is suspended from the Virgin Money Solicitor panel ahead of completing my conveyancing in Goodmayes?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Should commercial conveyancing searches disclose impending roadworks that may impact a commercial premises in Goodmayes?
Many commercial conveyancing solicitors in Goodmayes will perform a SiteSolutions Highways report as it reduces the time that conveyancers expend in investigating accurate data on highways that impact buildings and development assets in Goodmayes. The report provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Goodmayes.
For each commercial conveyancing transaction in Goodmayes it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately may result in delays to Goodmayes commercial conveyancing deals as well as pose a risk to future plans for the site. These searches are not ordered for domestic conveyancing in Goodmayes.
How does conveyancing in Goodmayes differ for new build properties?
Most buyers of new build residence in Goodmayes come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is constructed. This is because house builders in Goodmayes usually acquire 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 Goodmayes or who has acted in the same development.
I opted to have a survey carried out on a property in Goodmayes in advance of appointing conveyancers. I have been advised that there is a flying freehold element to the property. Our surveyor has said that some banks will refuse to grant a loan on this type of property.
It depends who your proposed lender is. Bank of Scotland has different instructions from Birmingham Midshires. Should you wish to call us we can investigate further with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Goodmayes. Conveyancing may be slightly more expensive based on your lender's requirements.
I am 14 days into a residential purchase having been referred to solicitors by the estate agent to handle our conveyancing in Goodmayes. We are not happy. Can you you assist me in finding new lawyers?
A solicitor would need to be very bad to suggest changing them. Has your mortgage been generated? If so you will need to advise them of the new conveyancer and have the offer are re-issued. Your solicitor ideally needs to be on the mortgage company panel to avoid added fees and delays. So that should be your starting point. Our search tool should assist you in finding a lender approved lawyer for your conveyancing in Goodmayes