Our solicitor has discovered a a legal deficiency with the lease for the property we are purchasing in Pevensey. The other side have suggested defective title insurance as a solution. We are content with insurance and will pay for it. Our solicitor 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 mortgage company ?
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 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 lender 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.
In what way does my ID and proof of funds have anything to do with my conveyancing in Pevensey? Why is this being asked of me?
It is indeed that case that the requirement set out by your solicitor has nothing to do with conveyancing in Pevensey. However these days you will not be able to complete any conveyancing process in the absence supplying evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence and a utility bill. Remember if you are providing your driving licence as proof of ID it needs to be both the paper part as well as the photo card part, one is not acceptable in the absence of the other.
Proof of the origin of money is mandated in accordance with the Money Laundering Regulations. Don’t be offended when when this is requested of you as your conveyancing solicitor will need to have this information on record. Your Pevensey conveyancing practitioner will need to see evidence of proof of funds before they are able to accept any money from you into their client account and they will also ask additional queries concerning the origin of funds.
After scouring moneysavingexpert.com for a recommended solicitor in Pevensey, many advise that I should use a CQS assured lawyer. What is CQS?
The Law Society's Conveyancing Quality Scheme is the recognised quality mark for legal experts in the legal transfer of properties, trusted by some of the UK's leading lenders. Four years ago the Conveyancing Quality Scheme was officially recognised by the Building Societies Association (BSA). The scheme does not cover licenced conveyancers. Pevensey is one of the numerous areas of the UK where there are CQS lawyers.
When it comes to lenders such as Skipton, do Pevensey conveyancers incur a fee to be on the list of approved solicitors?
We are not aware of any mortgage company fees to be on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
Completion of my remortgage has taken place for my property in Pevensey. Conveyancing was of an acceptable standard but I would like to complain about the lender. How does one go about formally complaining?
Almost all lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. We understand that complaints to a lender are resolved very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
It is unclear whether my mortgage offer requires a lease extension. I have called my Pevensey building society branch on a couple of occasions and was informed it wasn't a problem and they would lend. My Pevensey conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Your solicitor must comply with the CML Handbook Part 2 provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the lender 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 left on the lease.
I am looking for a ground for flat up to £305k and found one close by in Pevensey I like with amenity areas and transport links nearby, the downside is that it's only got 49 years unexpired on the lease. There is not much else in Pevensey for this price, so just wondered if I would be making a mistake acquiring a short lease?
If you need a home loan that many years may be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least twenty four months you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
I have been pointed in your direction by a number of property agents in Pevensey to choose a conveyancer using your seach tool. What’s the financial inducement for Estate Agents to market your lawyers over and above alternative conveyancing organisations?
We refuse to offer any referral fee for sending work in our direction. We thought it would be too underhand a fee because a client could think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.