Our solicitor has discovered a a legal deficiency with the lease for the property we are buying in Stretford. The seller’s lawyers have put forward defective title insurance as a solution. We are happy with insurance and will cover the costs. Our property lawyer has advised that he must be satisfied that the lender is willing to move forward 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 requirements. 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.
In what way does my ID and proof of funds have anything to do with my conveyancing in Stretford? Why is this being asked of me?
It is indeed that case that these requests have nothing to do with conveyancing in Stretford. However these days you will not be able to proceed with any conveyancing process without first submitting proof of your identity. Ordinarily this takes the form of a either your passport or driving licence as well as a utility bill. Please note that if you are providing your driving licence as evidence of identification it must be both the paper section and photo card part, one is not acceptable without the other.
Verification of your source 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 must have this information on record. Your Stretford conveyancing lawyer 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.
My uncle passed away last year and as sole heir and executor I was left the property in Stretford. The house had a small mortgage left on it of around £4500. I want to have the title changed into my name whilst I re-mortgage to Barclays, pay off the mortgage. Is this allowed?
Given you plan to refinance then Barclays will require that you use a conveyancer on the Barclays conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Barclays conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Barclays mortgage is registered as a charge at the Land Registry.
I have been told that property searches are a common cause of hinderance in Stretford conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of delays during the legal transfer of property. Searches are unlikely to be the root cause of delay in conveyancing in Stretford.
I am a sole trader intending to take over a lease of an office on the high street. Can you recommend conveyancers offering competitive charges for non-domestic conveyancing in Stretford for less than 2k?
We can recommend firms who have specialist knowledge of commercial conveyancing in Stretford, including the sale and acquisition of businesses as well as simply premises. Whether you are intending to acquire or sell a shop, pub, restaurant, office, retail unit or a complete business we can put you in touch with the right firm. As for the fees these will vary based on the structure and heads of terms of the deal. Please provide us with your details or call so as to enable us to furnish you with comprehensive commercial conveyancing calculation.
Developers have suggested I use a solicitor and I've sought an estimate from them. It's nearly £300 cheaper than my family Stretford conveyancer. Should I use them?
Housebuilders often have lists of conveyancers who expedite matters and who know the seller’s contract and solicitor. As many developers offer an inducement to use their approved property lawyer for this reason, any increased fees can be avoided and a developer won't suggest a conveyancing factory and run the risk of having the conveyancing delayed when they demand an exchange in 28 days. The argument for not opting for the suggested lawyer is that they may prove unwilling to fight for your interests at the risk of alienating the sellers. Where you have concerns that this may be the case you should keep with your high street Stretford conveyancing practitioner.