Our solicitor has discovered a a legal deficiency with the lease for the property we are purchasing in Penzance. The other side have put forward defective title insurance as a solution. We are happy with insurance and will cover the costs. Our solicitor says that he must check that the lender is happy with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook requirements. 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.
We note that you have a search directory identifying firms on the Clydesdale conveyancing panel. Do companies pay you a referral fee if I retain them for our own conveyancing in Penzance?
We are a listing service only for law firms wishing to communicate if they are on the Clydesdale conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Penzance.
When researching mumsnet.com for a cheap solicitor in Penzance, many comment that I should instruct a CQS assured solicitor. Can you explain what CQS is?
The Conveyancing Quality Scheme (CQS) provides a recognised quality standard for residential conveyancing practices issued by the Law Society. Membership achievement establishes a level of credibility for member firms with stakeholders (regulators, lenders, insurers and consumers) based upon: * the integrity of the senior responsible officer and other key conveyancing staff * the firm's adherence to good practice management standards * compliance with prudent and efficient conveyancing procedures through the scheme protocol It covers many partnerships who conduct conveyancing in Penzance.
I am buying my first flat in Penzance with a loan from Coventry Building Society. The sellers refused to budge the amount so I negotiated five thousand pounds worth of additionals instead. The sale representative suggested that I not disclose to my solicitor about this deal as it will adversely affect my loan with the bank. Do I keep my lawyer in the dark?.
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.
Is it best to appoint a Penzance conveyancing lawyer based in the location that I am hoping to buy? I have an old university friend who can carry out the conveyancing however his firm is located 300miles drive away.
The benefit of a high street Penzance conveyancing practice is that you can visit the firm to sign documents, hand in your ID and pester them where appropriate. Having local Penzance know how is a plus. However it's more important to get someone that will do a good and efficient job. If you know people who used your friend and on the whole were content that must trump using an unfamiliar Penzance conveyancing lawyer just because they are round the corner.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the mortgage company conveyancing panel. My lawyer has said that they are on the bank approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the lender conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the bank solicitor panel.