My lawyer has uncovered a a problem with the lease for the flat we are buying in Lakenham. The other side have offered title insurance as a solution. We are happy with insurance and will cover the costs. Our conveyancer has advised that he must check that the bank is content with this solution. Are we the client or is the lender?
Regardless of the fact that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the lender are the client. The appropriate lender specifications must be adhered to.
As someone clueless as to conveyancing in Lakenham what’s your top tip you can give me concerning the home moving process in Lakenham
Not many law firms shout this from the rooftops but conveyancing in Lakenham or throughout England and Wales is an adversarial process. In other words, when it comes to conveyancing there is lots of room for confrontation between you and other parties involved in the transaction. For example, the vendor, property agent and on occasion your bank. Choosing a solicitor for your conveyancing in Lakenham should not be taken lightly as your conveyancer is your adviser, and is the ONLY party in the process whose interest is to look after your best interests and to keep you safe.
Every so often a potential adversary will attempt to sway you that it is in your interests to do things their way. As an example, the estate agent may claim to be helping by suggesting your solicitor is slow. Or your mortgage broker may advise you to do take action that is contrary to your solicitors recommendation. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
We were going to get a AIP from TSB this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do TSB recommend any Lakenham solicitors on the TSB conveyancing panel, or is it better to go independently?
You will need to appoint Lakenham solicitors independently although you'll need to choose one on the TSB conveyancing panel. The solicitor represents both you and TSB through the process.
I was told four weeks ago that my mortgage has been agreed to by Principality. Is it usual for Principality to only issue the offer once my solicitor in Lakenham is approved on their conveyancing panel? Principality have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Principality to deal with your lawyer's application to be on the Principality conveyancing panel. There's no guarantee that your solicitor will be accepted.
I have instructed a Lakenham property lawyer having made sure that they are on the Aldermore conveyancing panel. Does my lawyer arrange the survey of the property?
Aldermore will need an independent valuation of the property. Your lawyer will not arrange this. Usually Aldermore will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Lakenham surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
My wife and I are downsizing from our property in Lakenham and according to the buyers it appears that there is a possibility that the property was constructed on contaminated land. A local lawyer would know this is not the case. For the life of me I don't know why the purchasers used an internet conveyancing outfit rather than a conveyancing solicitor in Lakenham. Having lived in Lakenham for 5 years we know of no issue. Should we contact our local Authority to get confirmation that the buyers are looking for.
It would appear that you have a conveyancing solicitor currently acting for you. Are they able to advise? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
3 months have elapsed since my purchase conveyancing in Lakenham took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. 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 premises 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.
I have just appointed agents to market my ground floor flat in Lakenham.Conveyancing lawyers have not yet been instructed however I have recently had a yearly service charge invoice – what should I do?
The sensible thing to do is pay the service charge as usual given that all ground rent and maintenance payments should be apportionedon completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially