My conveyancer has identified a defect with the lease for the flat we are purchasing in South Acton. The seller’s lawyers have put forward defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer has advised that he must ensure that the mortgage company is willing to move forward with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your 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 bank 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.
We see that you have a search directory identifying firms on the Yorkshire BS conveyancing panel. Do firms pay you a referral fee if I appoint them for our own conveyancing in South Acton?
We are a listing service only for law firms wishing to communicate if they are on the Yorkshire BS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in South Acton.
I have been advised by my lawyer that breach of easement insurance is needed on my purchase. What is the level of cover for South Acton conveyancing?
The right level of breach of easement indemnity insurance depends on your lender. It would differ for example between HSBC Bank and Chelsea Building Society. Conveyancing lawyers as opposed to members of the public take out such policies.
I am purchasing a property in South Acton. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Coventry BS be concerned?
Given that your lender is Coventry BS your lawyer must comply with the formal instructions contained in Part 2 of UK Finance Lenders’ Handbook for Coventry BS. The Council of Mortgage Lenders’ Handbook stipulates minimum conditions for solar panel roof-space leases, and lawyers are required to report to Coventry BS where a lease does not meet these conditions. The provisions relate to the installation of panels on properties countrywide and is not limited to South Acton.
At last I have had an offer on an apartment in South Acton agreed to, but there is a chain. The vendors have placed an offer on a flat, but it’s not yet agreed to, and are looking at other properties booked. I have instructed a high street conveyancing solicitor in South Acton. What should be my next step? When do I get the mortgage application with TSB going?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is approx one thousand pounds, then survey, South Acton conveyancing search costs, etc). First, you should check that your conveyancing practitioner is on the TSB approved list. As to the next stages this very much depends on the uniqueness of your case, desire for the property and on the state of the market. During a buoyant market many purchasers will apply for a home loan with TSB and arrange for the valuation and only if it was satisfactory would they request their property lawyer to proceed with the conveyancing in South Acton.
Should our conveyancer be asking questions regarding flooding during the conveyancing in South Acton.
The risk of flooding is if increasing concern for conveyancers dealing with homes in South Acton. There are those who purchase a property in South Acton, fully aware that at some time, it may be flooded. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the property. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Lawyers are not qualified to give advice on flood risk, however there are a number of checks that may be undertaken by the purchaser or by their solicitors which should figure out the risks in South Acton. The standard information given to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the seller to discover whether the premises has suffered from flooding. In the event that flooding has previously occurred and is not notified by the vendor, then a purchaser could bring a claim for damages resulting from an incorrect answer. The purchaser’s conveyancers may also order an enviro search. This should indicate if there is a recorded flood risk. If so, further investigations should be initiated.
I'm buying my first flat in South Acton with the aid of help to buy. The sellers would not reduce the amount so I negotiated 6k of extras instead. The estate agent told me not to tell my lawyer about this side-deal as it would adversely affect my mortgage with the lender. Should I keep quiet?.
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.
My husband and I are first time buyers - agreed a price, yet the selling agent told us that the vendor will only proceed if we use their recommended solicitors as they need an ‘expedited deal’. My instinct tells me that we should use a family solicitor with experience of conveyancing in South Acton
It is highly unlikely the sellers are driving this. If they require ‘a quick sale', turning down a serious purchaser is not the way to achieve this. Speak to the vendors direct and explain that (a)you are keen to buy (b)you are ready to progress, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)however you intend to instruct your own,trusted South Acton conveyancing lawyers - not the ones that will give the negotiator at the agency a introducer fee or meet his conveyancing figures pre-set by head office.