Our lawyer has uncovered a a legal deficiency with the lease for the property we are purchasing in Shefford. The other side have offered defective title insurance as a workaround. We are content with insurance and will pay for it. Our property lawyer has advised that he must ensure that the lender is content with this solution. Who is the client here, us or the mortgage company ?
Regardless of the fact that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the bank are the client. These conveyancing instructions have to be complied with.
we are a couple who decided to purchase a purpose built apartment in Shefford with a homeloan from Platform Home Loans Ltd.We would like to retain our Shefford conveyancing solicitor but Platform Home Loans Ltd informed us her practice is not listed on their "panel". we are left little option but to use a Platform Home Loans Ltd panel solicitor or keep our local solicitor and fork out for a Platform Home Loans Ltd panel lawyer to act for them. This seems very unfair; is there anything we can do?
No, not really. The home loan issued to you contains terms and conditions, a common one being that lawyers must be on the Platform Home Loans Ltd approved list. Until recently, most mortgage companies had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Platform Home Loans Ltd
What is the difference between a licensed conveyancer and conveyancing solicitor in Shefford
There are two types of lawyers who can conduct conveyancing in Shefford namely licenced conveyancers or solicitors. The two can handle conveyancing services that required to complete the sale or purchase of property. They are both duty bound to handle Shefford conveyancing to the same quality and guidelines so you can be sure that your conveyancing will be professionally administered and that all requirements and steps should be suitably taken.
We expect to receive a AIP from Nottingham this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Nottingham recommend any Shefford solicitors on the Nottingham conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Shefford solicitors independently although you'll need to choose one on the Nottingham conveyancing panel. The solicitor represents both you and Nottingham through the process.
I have decided to exercise my right to buy my property in Shefford off the council. I have a mortgage agreed with Leeds Building Society. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Leeds Building Society, you will need to appoint a solicitor on the Leeds Building Society conveyancing panel.
My relative advised me that if I am purchasing in Shefford I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is sometimes quoted for as part of the standard Shefford conveyancing searches. It is a large report of about 40 pages, listing and detailing significant information about Shefford around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Shefford Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful data concerning Shefford.
Over the last few months I have been searching for a flat up to £195,000 and found one near me in Shefford I like with a park and transport links in the vicinity, the downside is that it only has 61 remaining years left on the lease. I can't really find anything else in Shefford in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a mortgage that many years may be a potential deal breaker. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
My husband and I are one month into a residential purchase having been directed to conveyancers by the estate agent to handle our conveyancing in Shefford. We are not happy. Can you help me find new lawyers?
They would need to be very bad in order to consider changing them. Has the loan offer been generated? In the event that it has you need to make them aware of the new solicitor and get the mortgage documents are issued to the new lawyers. Your new conveyancer should be on the banks approved list to avoid escalating fees and delays. So that should be your first question of the new conveyancers. The search tool should assist you in finding a bank approved lawyer for your conveyancing in Shefford