Our solicitor has uncovered a a legal deficiency with the lease for the apartment we are purchasing in Irlam and Cadishead. 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 lender is willing to move forward with this solution. Who is the client here, us or 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 property lawyer 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 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 conveyancer will have no choice but to discontinue acting for you.
What does my ID and proof of funds have anything to do with my conveyancing in Irlam and Cadishead? What am I being asked for?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to check the ID of the potential client they are dealing with prior to agreeing to accepting their conveyancing retainer. The Client Care letter that you need to sign should reaffirm this. Your lender will also require certain documents to be viewed. Where you refuse to hand over identification documents, your solicitor would not be able to act for you.
It has been three months following my purchase conveyancing in Irlam and Cadishead completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Due to the advice of my in-laws I had a survey completed on a property in Irlam and Cadishead before instructing lawyers. I have been told that there is a flying freehold element to the property. Our surveyor advised that some lenders will refuse to issue a loan on such a premises.
It varies from the lender to lender. HSBC has different requirements for example to Halifax. Should you wish to telephone us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Irlam and Cadishead. Conveyancing will be smoother if you use a solicitor in Irlam and Cadishead especially if they are acquainted with such properties in Irlam and Cadishead.
Am I right to be concerned by estate agents that I am dealing with are recommending a factory type conveyancing firm as opposed to a local Irlam and Cadishead conveyancing firm?
As with lots of professional services, often referrals from connections can be most helpful. Yet there are many players in a conveyancing deal; estate agents, financial adviser and lenders may recommend conveyancers to choose. On occasion the solicitors might be known to one of the organisations as being good in their field, but sometimes there is an underlying financial incentive behind the recommendation. You are free to appoint your preferred conveyancer. You need to be aware that most mortgage providers have an approved list of law firms you are obliged to use for the mortgage related work in your transaction.
We are midway through buying a property in Irlam and Cadishead. Conveyancing lawyer has told us the property is "Leasehold". Will this likely adversely affect the salability of the house?
Irlam and Cadishead conveyancing does not in most situations involve leasehold houses. The main consideration here is the remaining lease term and the ground rent. If there are over a hundred years remaining with a nominal rent, it's almost the same as freehold, so it’s unlikely to impact the saleability too much.
At the other extreme, if it's, say, fifty five years it is bound to have a material impact on the value, and most likely wouldn't be acceptable to the bank. The length of lease and ground rent will be set out in the lease provided to your conveyancer.