My conveyancer has identified a defect with the lease for the apartment we are purchasing in Langstone. The seller’s lawyers have suggested defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor has advised that he must check that the mortgage company is happy with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook provisions. 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.
As I am unsure how the conveyancing process works what is the most important number one tip you can impart regarding purchase conveyancing in Langstone?
Not many law firms shout this from the rooftops but conveyancing in Langstone and elsewhere in England and Wales is often a confrontational process. Put another way, when it comes to conveyancing there exists plenty of opportunity for confrontation between you and other parties involved in the house moving process. E.g., the vendor, selling agent and sometimes your mortgage company. Appointing a solicitor for your conveyancing in Langstone an important selection as your conveyancer is your adviser, and is the SOLE person in the legal process whose interest is to protect your legal interests and to keep you safe.
On occasion a third party with a vested interest will try and persuade you that you should follow their advice. For instance, the property agent may claim to be assisting by claiming that your solicitor is wrong. Or your financial adviser may advise you to do something that is against your conveyancers advice. You should always trust your lawyer above all other parties in the home moving process.
I am considering applying for a Co-operative mortgage for purchase of a newly converted (under development) in Langstone with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Co-operative ?
There is nothing to stop you using your solicitor, but Co-operative will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
I am being advised by my solicitor that defective lease insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Langstone?
The appropriate level of defective lease indemnity insurance should be dictated by who who your lender is. It would differ for example between Accord Mortgages Ltd and Norwich and Peterborough Building Society. Conveyancing solicitors as opposed to borrowers take out such insurances.
Can I be sure that the Langstone conveyancing solicitor on the RBS panel is any good?
When it comes to conveyancing in Langstone seeking recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the solicitor handling your transaction.
It is unclear whether my mortgage offer requires a lease extension. I have telephoned my Langstone building society branch on numerous occasions and was told it wasn't an issue and they will lend. My Langstone conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they will not lend based on their specific requirements. Who do I believe?
Your conveyancer has to comply with the CML Handbook section two specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the bank 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
My partner and I are intent on selling our house in Langstone and according to the buyers it appears that there is a possibility that the property was built on contaminated land. Any local lawyer would know this is not the case. It does beg the question why the purchasers used an online conveyancing firm as opposed to a conveyancing solicitor in Langstone. We have lived in Langstone for 4 years we know that this is a non issue. Do we contact our local Authority to get clarification need.
It sounds as though you may have a conveyancing lawyer currently acting for you. What do they say? You must 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 life insurance to cover that same ailment)
Despite weeks of looking the Title Certificate and documents to our home are lost. The solicitors who handled the conveyancing in Langstone 5 years ago no longer exist. Will I be able to sell the house?
Gone are the days when you need to have the physical deeds to establish that you are the registered proprietor of land or premises, as the Land Registry hold details of all registered land or property electronically.