My lawyer has discovered a a legal deficiency with the lease for the flat we are purchasing in Killingworth. The seller’s lawyers have offered defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancing practitioner says that he must check that the bank 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 potential for a conflict of interest, you and the lender are the client. Your property 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 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 solicitor will have no choice but to discontinue acting for you.
What happens if my lawyer’s firm is suspended from the HSBC Conveyancing panel ahead of completing my conveyancing in Killingworth?
The first thing to point out is that, this is a very rare occurrence. 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.
I note that there are debates on Chancel Insurance on online forums. Do I require this when buying a house in Killingworth? or Apparently there is a law dating back centuries that means some house owners residing in a parish church boundary will be compelled to contribute towards maintenance to the chancel in proximity to the church. Is this a legitimate concern for conveyancing in Killingworth?
Unless a prior acquisition of the property completed post 12 October 2013 you can assume that conveyancing practitioners handling conveyancing in Killingworth to continue to suggest a chancel search and or insurance against a claim.
I decided to have a survey completed on a property in Killingworth in advance of appointing lawyers. I have been told that there is a flying freehold element to the house. My surveyor advised that some mortgage companies will refuse to issue a mortgage on a flying freehold home.
It depends who your proposed lender is. Santander has different requirements for example to Birmingham Midshires. If you call us we can look into this further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Killingworth. Conveyancing may be slightly more expensive based on your lender's requirements.
Am I right to be wary about estate agents that I am dealing with are recommending a national conveyancing firm as opposed to a High Street Killingworth conveyancing firm?
As is the case with many professional services, often recommendations from connections can be very helpful. Yet there are lots of people with a keen interest in a conveyancing deal; estate agents, financial adviser and lenders might all recommend solicitors to retain. On occasion the conveyancers might be known to one of the organisations as being good in their field, but sometimes there may be a commercial relationship behind the endorsement. You have the right to select your own conveyancer. However, bear in mind that many mortgage providers have an approved list of law firms you must use for the lender aspect of your home move.
I need to find a conveyancing solicitor for residential conveyancing in Killingworth. I've chance upon a site which seems to have the ideal answer If it is possible to get all the legals done via email that would be ideal. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?