Our solicitor has uncovered a defect with the lease for the flat we are purchasing in Swanage. The seller’s lawyers have suggested defective title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer has advised that he must be satisfied that the mortgage company is willing to move forward with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook conditions. 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 conveyancer will have no choice but to discontinue acting for you.
My apartment in Swanage is up for sale and I have a purchaser. Does the lawyer have to be required to be on the Lloyds conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Lloyds conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
I need some expedited conveyancing in Swanage as I am faced with pressure to sign on the dotted line inside 3 weeks. Fortunately I do not need a mortgage. Is it possible to escape the need for conveyancing searches to save fees and time?
As you are are a mortgage free purchaser you are at free not to have searches conducted although no law firm would suggest that you don't. With plenty of history conveyancing in Swanage the following are instances of issues that can arise and therefore impact future mortgageability: Refused Planning Applications, Outstanding Fees, Outstanding Grants, Road Schemes,...
4 months have elapsed following my purchase conveyancing in Swanage completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm buying a new build house in Swanage benefiting from help to buy. The developers would not budge the amount so I negotiated five thousand pounds worth of extras instead. The house builders rep told me not disclose to my conveyancer about this deal as it could affect my loan with Nottingham Building Society. Is this normal?.
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.
Am I best advised to instruct a Swanage conveyancing practitioner who is local to the property I am purchasing? I have an old university friend who can carry out the legal work however her office is 400miles drive away.
The benefit of a local Swanage conveyancing practice is that you can drop in to sign paperwork, deliver your identification documents and apply pressure on them where appropriate. They will also have local intelligence which is a benefit. That being said nothing is more important than finding someone that will pull out all the stops for you. If other friends have used your friend and they were impressed that must outweigh using an unfamiliar Swanage conveyancing lawyer solely due to them being round the corner.