My conveyancer has identified a a legal deficiency with the lease for the property we are buying in Heckington. The other side have put forward title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor 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 risk of a conflict of interest, you and the bank are the client. Your lawyer 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 conveyancing practitioner will have no choice but to discontinue acting for you.
My fiance and I are buying a 3 bedroom apartment in Heckington with a loan from Accord Mortgages Ltd.We like our Heckington conveyancing solicitor but Accord Mortgages Ltd says she’s not on their "panel". we are left little option but to use a Accord Mortgages Ltd panel firm or keep our preferred solicitor and pay for one of their panel ones to act for them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The home loan issued to you contains terms and conditions, one of which will be that conveyancers will be on the Accord Mortgages Ltd approved list. in the past, most mortgage companies had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Accord Mortgages Ltd
Are there restrictive covenants that are commonly identified during conveyancing in Heckington?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Heckington. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Heckington differ for new build properties?
Most buyers of new build or newly converted property in Heckington come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is ready to move into. This is because builders in Heckington tend to 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 Heckington or who has acted in the same development.
In my capacity as executor for the estate of my grandmother I am selling a property in Swansea but I am based in Heckington. My solicitor (approximately 260 miles from merequires that I sign a stat dec prior to completion. Could you suggest a conveyancing solicitor in Heckington who can witness and place their company stamp on the document?
Technically speaking you are unlikely to be required to have the documents attested by a conveyancing solicitor. Normally any notary public or solicitor will suffice regardless of whether they are located in Heckington
Our conveyancer in Heckington has uncovered a a legal deficiency with the lease for the apartment we are purchasing in Heckington. The other side have suggested title insurance as a workaround. We are happy with insurance and will pay for it. Our solicitor says that as he is on the mortgage company conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is the lender?
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. A precondition to being on the lender approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will 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.