My conveyancer has identified a a legal deficiency with the lease for the property we are purchasing in Oxshott. The other side have suggested title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancer says that he must check that the mortgage company is willing to move forward with this solution. Who is the client here, us or the bank?
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 solicitor 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 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 conveyancing practitioner will have no choice but to discontinue acting for you.
It is is a decade since I acquired my property in Oxshott. Conveyancing lawyers have recently been retained on the sale but I am unable to locate my title documents. Is this a major issue?
You need not be too concerned. Firstly there is a possibility that the deeds will be kept by your lender or they may be in the possession of the solicitor who oversaw the purchase. Secondly the chances are that the title will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors obtaining up to date copy of the land registers. Almost all conveyancing in Oxshott involves registered property but in the rare situation where your home is unregistered it is more problematic but is not insurmountable.
I have a decision in principle. The lender mentioned the loan came with free conveyancing. Does this mean I have to instruct their panel lawyer as I would much rather appoint a Oxshott based conveyancing firm?
Do check but the chances are that allocate you one of their panel lawyers where you accept the "fee-free" deal. Speak to the bank and see if they allow a monetary alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case that money can go towards the cost for your conveyancing solicitor in Oxshott.
I am buying my first flat in Oxshott with a loan from National Westminster Bank. The developers would not move on the amount so I negotiated five thousand pounds worth of extras instead. The estate agent suggested that I not inform my conveyancer about the deal as it could affect my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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've recently found out that there is a flying freehold element on a property I have offered on a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Oxshott is where the house is located. Can you offer any advice?
Flying freeholds in Oxshott are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Oxshott you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Oxshott may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Some weeks ago I was advised by my bank that their panel lawyers operate no sale no charge basis for conveyancing in Oxshott. I had a purchase abort nevertheless the lawyers have requested search fees! They say the fees are independent!
in offering "no completion no fee" Oxshott conveyancing practices are foregoing their charges for any work conducted. We must stress this does not constitute an insurance scheme. you will still required to pay for any disbursements that your property lawyer has incurred on your behalf for instance Oxshott local authority searches