My lawyer has identified a a problem with the lease for the flat we are purchasing in Woodthorpe. The seller’s lawyers have offered defective title insurance as a solution. We are content with insurance and will pay for it. Our property lawyer has advised that he must be satisfied that the lender is willing to move forward 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 lender are the client. Your conveyancing practitioner 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 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.
I am the only recipient of my late grandmother’s estate with all property in now in my sole name, including the my former home in Woodthorpe. The Woodthorpe property was put into my name in September. I now wish to sell up. I do know about the Mortgage Lenders 6 month 'rule', meaning my property ownership will be treated the same way as though I had purchased the house in September. Is the property unsalable for six months?
The CML handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. Most banks would take a pragmatic view as this clause principally exists to capture subsales or the flipping of property.
We expect to receive a DIP from UBS this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do UBS recommend any Woodthorpe solicitors on the UBS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Woodthorpe solicitors independently although you'll need to choose one on the UBS conveyancing panel. The solicitor represents both you and UBS through the process.
I'm in the throws of looking at houses in Woodthorpe and I am now considering a potential offer. Should I already have a conveyancing practitioner in place at this stage? I will be getting a home loan with RBS.
You should start requesting conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the selling agent. Given that you are obtaining a mortgage with RBS, make sure you remember to check that your lawyer is on the RBS conveyancing panel.
The estate agent has sent us the confirmation of our purchase of a new build flat in Woodthorpe. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here is a sample of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Woodthorpe
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please provide evidence that the form of Lease proposed has been approved by the Land Registry.
I was advised by three or four local selling agents in Woodthorpe to find a solicitor using your seach tool. What’s the financial advantage for Estate Agents to promote your services ahead of another?
We don’t offer any commission for directing people to this site. We found it would be just too difficult a fee because a client could think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
My father has recommend that I appoint his lawyers for conveyancing in Woodthorpe. Do I follow his advice?
There are no two ways about it the best way to find a conveyancing practitioner is to have recommendations from friends or family who have previously instructed the firm you're are thinking of instructing.
What could I expect to pay for conveyancing in Woodthorpe?
Almost all Woodthorpe conveyancing firms will charge a standard fee. If extra work become due during the conveyancing your solicitor is duty bound to disclose to you in writing of any additional charges for such work immediately it becomes obvious. Some work on a no completion no charge basis, others will charge a fraction of the set costs, depending on the point at which the deal does not go ahead.
It may be helpful for you to seek two or three firms to give you an estimate.