Our lawyer has discovered a a legal deficiency with the lease for the flat we are purchasing in Marford. The other side have suggested title insurance as a solution. We are happy with insurance and will cover the costs. Our property lawyer has advised that he must ensure that the bank is happy with this solution. Are we the client or is the lender?
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 conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions. 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 lawyer will have no choice but to discontinue acting for you.
It is 10 years ago since I bought my property in Marford. Conveyancing solicitors have now been instructed on the sale but I can't track down my title documents. Is this a major issue?
Don’t worry too much. First the deeds may be with the mortgage company or they could be in the possession of the lawyers who handled your purchase. Secondly in all probability the land will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors obtaining up to date copy of the land registers. The vast majority of conveyancing in Marford relates to registered property but in the unlikely event that your home is not registered it adds to the complexity but is resolvable.
I have been told that property searches are the main reason for obstruction in Marford house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of delays in the conveyancing process. Searches are not likely to feature in any holding up conveyancing in Marford.
I got the keys to my home on 1 March and the transaction details is not yet registered. Need I be worried? My conveyancing solicitor in Marford advises it would be recorded inside ten days. Are properties in Marford uniquely lengthy to register?
As far as conveyancing in Marford registration is no quicker or slower than the rest of England and Wales. Rather than based on location, timescales can vary according to the party submitting the application, whether it is in order and whether the Land registry communicate with any 3rd persons or bodies. As of today approximately three quarters of such applications are completed within two weeks but occasionally there can be protracted hold-ups. Historically registration is effected after the purchaser is living at the premises so post completion formalities is not usually primary concern yet if it is urgent that the the registration takes place urgently then you or your solicitor can contact the land registry and explain the circumstances.
I am buying my first flat in Marford with a loan from Birmingham Midshires. The sellers would not move on the price so I negotiated £7000 of additionals instead. The sale representative told me not disclose to my lawyer about this side-deal as it would impact my mortgage with the bank. 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 am looking for a conveyancing lawyer in Marford for my home move. Is it possible to review a firm’s record with the legal regulator?
One can search for published Solicitor Regulator Association (SRA) determinations arising from inquisitions commenced on or after 1 January 2008. Go to Check a solicitor's record. To find information Pre 2008, or to check a solicitors history, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, call +44 (0)121 329 6800. The regulator may monitor call for training reasons.