Our solicitor has discovered a a problem with the lease for the flat we are buying in Roker. The seller’s lawyers have put forward title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor says that he must be satisfied 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 risk of a conflict of interest, you and the lender are the client. Your property lawyer 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 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 property lawyer will have no choice but to discontinue acting for you.
Me and my partner are purchasing a apartment in Roker. It might be a silly question but how we can trust a solicitor? On completion day we will need to put funds into their account. What is the protection we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I happen to be the single recipient of my late mum's will with all property in now in my sole name, including the my former home in Roker. The Roker property was put into my name in December. I now wish to sell up. I understand that there is a CML six month 'rule', meaning my proprietorship could be regarded the same way as if I'd bought the house in December. Is the property unsalable for six months?
The CML handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be impacted by that. How sensible a view mortgage companies take of it, depend on the lender as this requirement is primarily there to identify the purchase and immediately sell or the flipping of properties.
Intending to buy a apartment in Roker. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Santander conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Roker solicitor is on the Santander conveyancing panel.
I am purchasing a new build house in Roker benefiting from help to buy. The developers refused to budge the price so I negotiated 6k of additionals instead. The estate agent suggested that I not inform my lawyer about this deal as it could put at risk 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.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in two weeks back in what was supposed to be a straight forward, no chain conveyancing. Roker is the location of the property. What do you suggest?
Flying freeholds in Roker are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Roker you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Roker 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.
I'm remortgaging my primary house to a BTL loan with Coventry Building Society and intend to use the remaining equity as a deposit on a second property. The neighborhood we are looking at is Roker. Will your solicitors be able to act for the two mortgage companies and tie in the two deals?
Make use of our search tool on this page to ensure that the conveyancers are approved by both banks. On the basis that they are the solicitor should be able to simultaneously deal with the two conveyancing matters but you should talk with you lawyer and specify your desired outcome and requirements.
In my capacity as executor for the estate of my grandfather I am disposing of a property in Monmouth but reside in Roker. My conveyancer (who is 250 miles awayhas requested that I execute a statutory declaration ahead of the transaction finalising. Could you suggest a conveyancing lawyer in Roker to attest and place their company stamp on the document?
strictly speaking you are not likely to be required to have the documents attested by a conveyancing solicitor. Normally or notary public or solicitor will be fine regardless of whether they are located in Roker