Our conveyancer has uncovered a a legal deficiency with the lease for the apartment we are buying in Warwickshire. The other side have suggested defective title insurance as a solution. We are content with insurance and will pay for it. Our conveyancing practitioner says that he must be satisfied that the bank is content with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your solicitor 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 mortgage company 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.
I just acquired a property at auction in Warwickshire. Conveyancing is needed. What happens now?
Having legally committed yourself to purchase you will need to appoint a conveyancing lawyer as a matter of urgency as you will have a tight deadline in which to complete the conveyancing. An auction property should have an associated legal pack. This will include most,if not all of the paperwork that your solicitor will need. If you have purchased leasehold premises the legal papers should contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork relating to leasehold premises. You should give this to the lawyer working for you as soon as possible. Do make sure that you have funds in place to complete on the date specified in the contract.
How can we know in advance if a Warwickshire conveyancing solicitor on the Virgin Money panel is any good?
When it comes to conveyancing in Warwickshire seeking recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advise that you speak with the solicitor conducting your conveyancing.
We have a mortgage agreed in principle with RBS. Warwickshire conveyancing lawyers have been selected. What is the average time that one could expect to receive a mortgage offer from RBS?
Some lenders take longer than others. Have RBS conducted the survey? Have you advised RBS as to your lawyers' details and checked that your lawyers are on the RBS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Warwickshire?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Warwickshire. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am buying a new build house in Warwickshire with a mortgage from Chelsea Building Society. The sellers would not move on the price so I negotiated £7000 of extras instead. The property agent suggested that I not to tell my conveyancer about the side-deal as it will impact my mortgage with the bank. 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.
I've recently found out that there is a flying freehold issue on a property I put an offer in last month in what should have been a quick, no chain conveyancing. Warwickshire is the location of the property. What do you suggest?
Flying freeholds in Warwickshire are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Warwickshire you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Warwickshire may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
What can I do where I am not happy with the solicitor who carried out my conveyancing in Warwickshire?
We live in an imperfect world, and is is a fact of life that sometimes things do go wrong. However there is recourse where you were not happy with your conveyancing in Warwickshire. This varies from trying to resolve matters directly with them, through to reporting a conveyancer to their governing body. If things still aren’t resolved you may consider enlisting the help of the Legal Ombudsman.