Our conveyancer has identified a a legal deficiency with the lease for the apartment we are buying in West Dulwich. The other side have put forward defective title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer says that he must check that the bank is happy with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender are the client. Your solicitor 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 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 solicitor will have no choice but to discontinue acting for you.
I'm purchasing a new build house in West Dulwich with a loan from Birmingham Midshires. The developers refused to move on the amount so I negotiated 6k of extras instead. The property agent advised me not reveal to my lawyer about the side-deal as it may affect my loan with Birmingham Midshires. Do I keep my lawyer in the dark?.
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.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one round the corner in West Dulwich I like with amenity areas and station nearby, however it only has 52 remaining years left on the lease. There is not much else in West Dulwich suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a mortgage the shortness of the lease will likely be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least 2 years you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
I have been recommended by three or four local property agents in West Dulwich to locate a conveyancer on your site. What’s the financial advantage for Estate Agents to recommend your lawyers over another?
We don’t give any financial incentive for pointing buyers and sellers in our direction. We found it would be just too difficult a fee as a client could think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
My husband and I are 14 days into a residential purchase having been recommend to conveyancers by the estate agent to handle our conveyancing in West Dulwich. I am am starting to be frustrated with the level of service. Could you help me find new solicitors?
A solicitor would have to be really poor in order to consider replacing them. Has your mortgage been generated? In the event that it has you must inform them of the new contact details and have the mortgage documents are re-sent. The solicitor ideally should be on the mortgage company panel to avoid added charges and delays. That should be your first question of the new solicitors. The search tool will assist you in finding a bank approved lawyer for your conveyancing in West Dulwich
I happen to be an executor of my recently deceased mother’s Will, with a bungalow in West Dulwich which will be sold. The property is unregistered at HMLR and I'm advised that some buyers solicitors will insist that it is done before they'll move forward. What's the mechanism for this?
In the circumstances you refer to 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 official copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.