Our solicitor has identified a a legal deficiency with the lease for the flat we are purchasing in Welling. The seller’s lawyers have offered title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancer has advised that he must be satisfied that the lender is happy with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook specifications. 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 solicitor will have no choice but to discontinue acting for you.
I am buying a property and require a conveyancing solicitor in Welling who is on the Aldermore approved. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Aldermore in certain locations such as Welling. We dont recommend any particular firm.
Over the last few months I have been searching for a flat up to £245,000 and identified one round the corner in Welling I like with a park and transport links in the vicinity, however it's only got 51 years unexpired on the lease. There is not much else in Welling for this price, so just wondered if I would be making a mistake purchasing a short lease?
If you need a home loan the remaining unexpired lease term may be problematic. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
Do I need to be wary by brokers that I am dealing with are encouraging me to use a nationwide conveyancing firm as opposed to a High Street Welling conveyancing company?
As is the case with lots of professional services, often recommendations from relatives can be extremely useful or valuable. Yet there are numerous players in a conveyancing deal; estate agents, financial adviser and mortgage companies might all put forward lawyers to use. On occasion these lawyers might be known to one of the organisations as one of the best in their field, but occasionally there exists a commercial relationship behind the recommendation. You have the right to select your preferred conveyancer. You need to be aware that some lenders operate an approved list of law firms you must use for the lender related work in your transaction.
We are four weeks into a residential purchase having been directed to a firm by the high street agent to do our conveyancing in Welling. We are not happy. Can you you assist me in finding new conveyancers?
A conveyancer would need to be very bad in order to consider diss instructing them. Has the loan offer been sent? If so you need to make them aware of the new solicitor and ensure the mortgage documents are issued to the new lawyers. The conveyancer needs to be on the mortgage company approved list to avoid added costs and frustration. So that should be your first question of the new solicitors. The find a solicitor tool should assist you in finding a bank approved conveyancer for your home move in Welling
How much experience do your Welling conveyancing solicitors have with Help To Buy, Shared Equity and similar schemes?
Welling conveyancing lawyers help thousands of buyers move home every year and assisted plenty of clients through the Help To Buy scheme. The chances are that whatever makes your case unique Welling conveyancers have worked on recent similar cases.