Our solicitor has uncovered a a legal deficiency with the lease for the apartment we are purchasing in Wollaston. The other side have suggested defective title insurance as a solution. We are happy with insurance and will cover the costs. Our solicitor has advised that he must be satisfied that the lender is content with this solution. Are we the client or is the bank?
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 property lawyer 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 conveyancer will have no choice but to discontinue acting for you.
Can you explain why leasehold purchase conveyancing in Wollaston costs more?
Wollaston leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
I am planning to acquire a flat and need a conveyancing solicitor in Wollaston who is on the The Royal Bank of Scotland solicitor. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for The Royal Bank of Scotland in certain locations such as Wollaston. We dont recommend any particular firm.
Despite weeks of looking the Title Certificate and documents to our home are lost. The lawyers who dealt with the conveyancing in Wollaston 10 years ago have long since closed. What are my options?
You no longer need to hold title deeds to prove you own the land or premises, as the Land Registry have everything they need in a digital format.
I am buying a new build house in Wollaston with a loan from Nottingham Building Society. The developers refused to reduce the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative advised me not disclose to my solicitor about this deal as it will adversely affect my loan with the lender. 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.
My father has encouraged me to use his lawyers for conveyancing in Wollaston. Should I find my own conveyancer?
No doubt it’s preferable to choose a conveyancing solicitor is to have guidance from friends or relatives who have actually experience in using the solicitor you're considering.