Our solicitor has uncovered a a legal deficiency with the lease for the flat we are buying in Haslington. The other side have offered title insurance as a solution. We are content with insurance and will cover the costs. Our solicitor says that he must ensure that the mortgage company is willing to move forward with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook specifications. 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 solicitor will have no choice but to discontinue acting for you.
In what way does my ID and proof of funds have anything to do with my conveyancing in Haslington? Why is this being asked of me?
In order to comply with Money Laundering Regulations any Haslington conveyancing firm will require proof of identity in all conveyancing matters. This is usually dealt with by provision of a passport and an original bank statement or utility account evidencing where you reside.
Under Money Laundering Regulations, conveyancers are obliged by law to validate not only the ID of conveyancing clients but also the source of monies that they receive in respect of any matter. An unwillingness to disclose this may result in your conveyancer ending their retainer 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 make a disclosure to the relevant authorities should they consider that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
I have an AIP. The bank mentioned the loan came with free conveyancing. Is the implication that I have to appoint their panel solicitor as I would prefer to instruct a high street conveyancing solicitor in Haslington?
Do check but the the probability is that give you one of their panel conveyancers where you take up the "fee-free" incentive. Speak to the mortgage company and see if they offer you a cash alternative. In the past a few lenders offered a £250 cashback as a further option in which case that money can go towards the cost for your conveyancing solicitor near Haslington.
I have todayfound out that Wolstenholmes have been shut down. They carried out my conveyancing in Haslington for a purchase of a leasehold apartment 9 months ago. How can I check that the property is registered correctly in the name of the former proprietor?
The easiest way to see if the premises is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Haslington conveyancing specialists.
Due to the encouragement of my in-laws I had a survey completed on a property in Haslington before appointing lawyers. I have been advised that there is a flying freehold element to the property. My surveyor has said that some lenders may refuse to issue a loan on a flying freehold home.
It depends who your proposed lender is. Santander has different requirements for example to Birmingham Midshires. Should you wish to call us we can check 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 Haslington. Conveyancing may be slightly more expensive based on your lender's requirements.
Am I best advised to choose a Haslington conveyancing practitioner in close proximity to the house I am hoping to buy? We have a good friend who can carry out the legal work but her office is over three hundred kilometers drive away.
The primary upside of using a high street Haslington conveyancing practice is that you can visit the firm to sign paperwork, hand in your ID and apply pressure on them where appropriate. They will also have local knowledge which is a bonus. However nothing is more important than finding someone that will pull out all the stops for you. If other friends have used your friend and they were happy that should outweigh using an unfamiliar Haslington conveyancing lawyer solely due to them being Haslington based.