My lawyer has discovered a a legal deficiency with the lease for the apartment we are buying in Thamesmead. The seller’s lawyers have suggested defective title insurance as a solution. We are content with insurance and will cover the costs. Our property lawyer says that he must be satisfied that the bank is willing to move forward with this solution. Are we the client or is the lender?
Notwithstanding that you have a mortgage offer from the lender does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the mortgage company are the client. The appropriate lender conditions must be adhered to.
What does my ID and proof of funds have anything to do with my conveyancing in Thamesmead? Why is this being asked of me?
Thamesmead conveyancing solicitors and indeed property lawyers accross the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the ID of any client with a view to ensure that clients are who they say they are.
Conveyancing clients will need to provide two forms of certified identification; proof of identity (typically a Passport or Driving Licence) and proof of address (usually a Utility Bill no older than three months).
Confirmation of the origin of monies is also necessary under the money laundering statutes as solicitors are required to ensure that the money you are utilising to purchase a property (be it the exchange deposit or the full purchase amount where you are a cash purchaser) has originated from an acceptable source (such as employment savings) as opposed to the fruits of criminal behaviour.
We are selling our flat in Thamesmead. Does the property lawyer need to be on the Lloyds conveyancing panel in order to deal with redeeming 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 in recent years.
Can you point me to a directory of Aldermore panel conveyancers in Thamesmead on the Building Society Association’s Website?
No. There is no such directory service on the Council of Mortgage Lenders or Building Society Association websites. Very few lending institutions make their panel listings open the public over the internet. If you are in need of a Thamesmead lawyer on the Aldermore please make the most of our tool.
My husband and I are spending time viewing apartments in Thamesmead and I am now considering a potential offer. Should I already have a lawyer appointed at this point? I will be getting a home loan with Clydesdale.
You should start requesting conveyancing estimates from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the selling agent. Given that you are obtaining a mortgage with Clydesdale, ask your prospective lawyers if they are on the Clydesdale conveyancing panel otherwise they can't do the mortgage legal work.
It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Thamesmead building society branch on numerous occasions and was told they are content with the situation and they would lend. My Thamesmead conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they will not lend based on their specific requirements. Who do I believe?
As long as the property lawyer is on the lender panel, she or he must adhere to the Council of Mortgage Lenders’ Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the lender 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 bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and identified one close by in Thamesmead I like with a park and railway links in the vicinity, the downside is that it only has 49 years on the lease. There is not much else in Thamesmead in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
If you require a home loan the shortness of the lease will likely be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
We're new on the property ladder - had an offer accepted, yet the estate agent advised that the vendor will only issue a contract if we instruct the agent's chosen conveyancers as they want a ‘quick sale’. My instinct tells me that we should use a local solicitor who is familiar with conveyancing in Thamesmead
It is unlikely the owners are driving this. Should the seller desire ‘a quick sale', taking such a hostile approach to a motivated purchaser is going to damage their objectives. Bypass the agents and go straight to the sellers and make the point that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)but you are going to use your preferred Thamesmead conveyancing firm - rather thanthe ones that will provide the negotiator at the agency a introducer fee or meet his conveyancing figures pre-set by corporate headquarters.