My conveyancer has identified a a problem with the lease for the flat we are purchasing in Skipton. The seller’s lawyers have put forward defective title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancer has advised that he must be satisfied that the bank is willing to move forward with this solution. Who is the client here, us or the lender?
Even though you have a mortgage offer from the mortgage company does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the mortgage company are the client. The appropriate lender conditions must be adhered to.
We are purchasing a house in Skipton. I might seem paranoid but how we can trust a solicitor? On completion day we will need to put money into their account. What is the protection we have from them run away with our deposit?
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.
When it comes to lenders such as Nationwide, do Skipton conveyancers have to pay a yearly amount to be on the list of approved solicitors?
We are not aware of any lender fees to register on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
It is unclear whether my mortgage offer requires a lease extension. I have telephoned my Skipton building society branch on numerous occasions and was advised it wasn't a problem and they would lend. My Skipton conveyancing solicitor - who is on the lender conveyancing panel- called and was told they would not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
As long as the property lawyer is on the mortgage company approved list, she or he must adhere to the Council of Mortgage Lenders’ Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I own a renovated Georgian house in Skipton. Conveyancing lawyer acted for me and TSB. I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, another for leasehold under the matching address. I thought I was buying a freehold how can I check?
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Skipton and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the position with the conveyancing practitioner who completed the work.
I'm purchasing my first flat in Skipton benefiting from help to buy. The builders refused to reduce the price so I negotiated £7000 of additionals instead. The property agent advised me not inform my lawyer about the side-deal as it could jeopardize 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.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in a fortnight ago in what was supposed to be a simple, chain free conveyancing. Skipton is the location of the property. Can you shed any light on this issue?
Flying freeholds in Skipton are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Skipton you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Skipton may decide 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 residence.
My partner and I have just had an offer agreed on a apartment and had meeting on Wednesday with Nationwide for the mortgage. They advised us that when it comes to choosing a conveyancing practitioner that if they are not on their approved panel of solicitors then we will have to pay out a further fee of £200. This is because they would then have to appoint a property lawyer to act on their behalf as well as the one we choose to act on our behalf and we are liable for their costs. I have requested Nationwide to supply me with a list so I can seek estimates only from their approved lawyers but was told they dont have such a list to hand over. Is their an easier way of going about this?
You can enquire of Nationwide what their panel criteria is for a solicitor.Then ask the conveyancing practitioner of your choice whether they meet the criteria and have they acted on mortgages for Nationwide in the past. Where the answer to those is yes, then just clarify this with Nationwide. Another option is to utilise our search tool and we may be able to locate a lawyer in Skipton on the approved list for Nationwide.