Our lawyer has uncovered a a problem with the lease for the property we are buying in Walthamstow. The seller’s lawyers have suggested defective title insurance as a solution. We are content with insurance and will pay for it. Our solicitor has advised that he must be satisfied that the mortgage company is content with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook provisions. 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.
Can you clarify what the consequences are if my lawyer’s firm is expelled from the Co-operative Conveyancing panel ahead of completing my conveyancing in Walthamstow?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I happen to be the only recipient of my late father’s will and I have everything in my name alone, including the house in Walthamstow. Conveyancing formalities meant that the Land Registry date was in April. I now wish to sell up. I do know about the CML six month 'rule', meaning my proprietorship could be regarded the same way as if I'd bought the house in April. Will no one buy the property for half a year?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be caught by that. many mortgage companies would take a sensible view as this clause is chiefly there to identify subsales or the quick reselling of properties.
My wife and I have organised the release of further monies on our mortgage from Nottingham as we want to conduct renovations to our property in Walthamstow. Are we obliged to select a bricks and mortar Walthamstow solicitor on the Nottingham conveyancing panel to handle the paperwork?
Nottingham do not ordinarily require firms on their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Nottingham list.
The mortgage over my property is with Kent Reliance for my property in Walthamstow. Conveyancing has been completed 12 months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Kent Reliance?
You must advise Kent Reliance prior to renting your property as this is likely to be a breach of Kent Reliance’s mortgage conditions. It may be that Kent Reliance will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Kent Reliance directly. You need not do this via a Kent Reliance conveyancing panel firm.
I am buying a house and the solicitor has raised the issue of Chancel Repair for which the property may be liable given it’s proximity to the area of such a church. She has suggested insurance. Is this really warranted for conveyancing in Walthamstow
Unless a prior purchase of the premises completed after 12 October 2013 you can take it that solicitors conducting conveyancing in Walthamstow to continue to advocate a chancel search and or insurance against a claim.
In my capacity as executor for the will of my grandfather I am disposing of a property in Newport but I am based in Walthamstow. My lawyer (who is 250 miles from mehas requested that I execute a stat dec before the transaction finalising. Can you recommend a conveyancing solicitor in Walthamstow to witness this legal document for me?
Technically speaking you should not be required to have the documents attested by a conveyancing solicitor. Normally any notary public or qualified solicitor will be fine regardless of whether they are Walthamstow based
I am an executor of my recently deceased mum’s Will, with a property in Walthamstow which is to be sold. The bungalow is unregistered at the Land Registry and I'm advised that many purchasers will insist that it is in place before they'll proceed. What's the procedure for this?
In the situation that you have set out it seems prudent to seek to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. HMLR’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and certified copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.