My solicitor has uncovered a defect with the lease for the property we are buying in Tooting Bec. The other side have suggested defective title insurance as a solution. We are content with insurance and will pay for it. Our solicitor says that he must ensure that the lender is happy 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 requirements. 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 conveyancing practitioner will have no choice but to discontinue acting for you.
We previously appointed conveyancers locally in Tooting Bec on the Leeds Building Society solicitor panel. They have just invoiced me a separate amount for the legal aspects of the Leeds Building Society mortgage. Is this an additional conveyancing fee specified by Leeds Building Society?
Unfortunately, so long as it is in their Terms and Conditions or estimate then yes your conveyancer is entitled to levy a fee for this. This fee is not dictated by Leeds Building Society but by your Tooting Bec property lawyer. Plenty of firms on the Leeds Building Society panel will levy an ‘acting for lender’ fee and others do not.
I'm spending time looking at houses in Tooting Bec and I am now considering a potential offer. Should I already have a property lawyer appointed at this point? I intend to finance via a home loan with Clydesdale.
You should start obtaining conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the estate agent. As you are taking out 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.
I am currently in the process of buying my council flat in Tooting Bec. I have a mortgage offer with Skipton. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Skipton, you will need to appoint a solicitor on the Skipton conveyancing panel.
Various web forums that I have frequented warn that are the main cause of obstruction in Tooting Bec conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not feature within the top 10 causes of delays during the legal transfer of property. Searches are unlikely to be the root cause of slowing down conveyancing in Tooting Bec.
I opted to have a survey carried out on a property in Tooting Bec in advance of retaining conveyancers. I have been advised that there is a flying freehold element to the property. The surveyor has said that some lenders tend refuse to issue a loan on such a property.
It depends who your proposed lender is. Santander has different instructions for example to Birmingham Midshires. Should you wish to telephone us we can check via the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Tooting Bec. Conveyancing may be slightly more expensive based on your lender's requirements.
I need to appoint a conveyancing solicitor for remortgage conveyancing in Tooting Bec. I've stumble upon a site which seems to have the ideal answer If it is possible to get all this stuff completed via phone that would be preferable. Do I need to be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Our conveyancer in Tooting Bec is asking me for personal identification documents asserting that this forms part of his obligations as a conveyancer on the mortgage company Conveyancing panel. This is news to me - can I refuse?
Anti-terror and anti-money-laundering rules require Tooting Bec conveyancing solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Client Care letter that you need to sign will no doubt confirm this. Your lawyer is right that the bank also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with the lender's UK Finance Lenders’ Handbook requirements