My wife and I are purchasing a newly constructed flat in Knottingley and my solicitor is advising me that she is duty bound to the bank to disclose incentives from the developer. The Estate Agents are hassling me to exchange and I would rather not delay matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I am being told by my lawyer that restrictive coveneant insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Knottingley?
The right level of restrictive coveneant indemnity insurance should be dictated by who your lender. It would differ for example between National Westminster Bank and Virgin Money. Conveyancing solicitors as opposed to borrowers take out such policies.
When it comes to lenders such as Bank of Ireland, do Knottingley solicitors face an annual charge to be on the conveyancing panel?
We are not aware of any lender fees to register on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
I can not fathom if my mortgage offer requires a lease extension. I have called my Knottingley building society branch on numerous occasions and was told it does not affect the mortgage offer and they will lend. My Knottingley conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they refuse to lend based on their published requirements. I simply don't know who is right.
Your property lawyer has to follow the CML Handbook section two specifications for your lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Due to the guidance of my in-laws I had a survey completed on a property in Knottingley before retaining solicitors. I have been told that there is a flying freehold aspect to the house. The surveyor advised that some banks will refuse to grant a loan on such a premises.
It varies from the lender to lender. HSBC has different requirements from Halifax. If you e-mail us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Knottingley. Conveyancing may be slightly more expensive based on your lender's requirements.
Taking into account that I will soon spend 450k on a property in Knottingley I would like to have a conversation with the conveyancer about myhouse move prior to instructing the firm. Can this be arranged?
Absolutely - we would be happy to talk to you we do not take any clients on without you liaising with the solicitor who will be conducting your conveyancing in Knottingley.There is no ‘factory style conveyancing’ - each client is an important person, not a matter number. The law firms that we put you in touch with believe that the fees you are calculated and presented to you for your conveyancing in Knottingley should be the figure that you are charged.
I am a fortnight into a residential purchase having been directed to a firm by the high street agent to perform conveyancing in Knottingley. I am am extremely frustrated with the level of service. Could you help me find new lawyers?
They would have to be very bad in order to consider diss instructing them. Has your mortgage offer been issued? In the event that it has you need to advise them of the new contact details and ensure the offer are issued to the new lawyers. The conveyancer should be on the lenders approved list to avoid escalating charges and complications. So that should be your starting point. The find a solicitor tool should assist you in finding a lender approved conveyancer for your conveyancing in Knottingley
Our lawyer in Knottingley has uncovered a a legal deficiency with the lease for the apartment we are purchasing in Knottingley. The other side have suggested title insurance as a workaround. We are content with insurance and will cover the costs. Our solicitor says that as he is on the mortgage company conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or the bank?
Just because you have a mortgage offer from the mortgage company does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Knottingley conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the bank are the client. The appropriate lender requirements have to be complied with by the bank conveyancing panel who has to balance acting for you and the lender