Our solicitor has discovered a defect with the lease for the flat we are buying in Ladywell. The other side have offered title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancing practitioner has advised that he must be satisfied that the lender is happy with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender 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.
Will lawyers ask for money on account when it comes to conveyancing in Ladywell?
Where you are retaining lawyers for conveyancing in Ladywell your solicitor will request that you place them with monies to cover the search fees. Ordinarily this is called for to cover the fees of the conveyancing searches. If any deposit is as part of the total price then this will be needed immediately prior to exchange of contracts. The closing balance that is due should be sent to your lawyer shortly before completion.
We have a mortgage agreed in principle with Clydesdale. Ladywell conveyancing lawyers are instructed. What is the average time that one could expect to receive a mortgage offer from Clydesdale?
There is no definitive answer here. Have Clydesdale completed the survey? Have you informed Clydesdale as to your lawyers' details and checked that your lawyers are on the Clydesdale conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I am selling my flat. I had a double glazing fitted in September 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Co-operative are being difficult. The Ladywell solicitor who is on the Co-operative conveyancing panel is recommending indemnity insurance as a solution but Co-operative are insisting on a building regulation certificate. Why do Co-operative have a conveyancing panel if they don't accept advice from them?
It is probably the case that Co-operative have referred the matter to their valuer. The reason why Co-operative may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Intending to buy a maisonette in Ladywell. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Principality conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Ladywell solicitor is on the Principality conveyancing panel.
My wife and I have a semi-detached Georgian house in Ladywell. Conveyancing solicitor acted for me and Bank of Ireland. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, the second leasehold under the exact same address. I'd like to know for sure, how can I find out??
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Ladywell and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the position with your conveyancing practitioner who conducted the work.
I am buying a new build house in Ladywell benefiting from help to buy. The builders would not move on the price so I negotiated £7000 of fixtures and fittings instead. The sale representative told me not disclose to my solicitor about the side-deal as it may affect my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have been on the look out for a ground for flat up to £195,000 and found one round the corner in Ladywell I like with a park and railway links nearby, the downside is that it only has 51 remaining years left on the lease. There is not much else in Ladywell in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you need a home loan that many years may be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months you could request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.