Our solicitor has uncovered a a legal deficiency with the lease for the flat we are buying in Ystradgynlais. The seller’s lawyers have suggested title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancer says that he must be satisfied that the bank is happy with this solution. Who is the client here, us or the mortgage company ?
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 conditions. 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 conveyancer will have no choice but to discontinue acting for you.
Will my conveyancing lawyers need to check that the building insurance for my purchase of a house in Ystradgynlais. My lender is Virgin
Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 6/11/2024, the requirements read as follows :
My wife and I are intent on selling our house in Ystradgynlais and according to the buyers it appears that there is a possibility that the property was built land that was not decontaminated. A high street Ystradgynlais conveyancer would know this is not the case. It does beg the question why the purchasers used an online conveyancing outfit as opposed to a conveyancing solicitor in Ystradgynlais. We have lived in Ystradgynlais for 5 years we know of no issue. Do we contact our local Authority to obtain confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing firm currently acting for you. What do they say? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
I am purchasing my first flat in Ystradgynlais with the aid of help to buy. The sellers would not reduce the price so I negotiated £7000 of additionals instead. The property agent advised me not inform my conveyancer about the extras as it could adversely affect my mortgage with the bank. 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.
Due to the input of my in-laws I had a survey completed on a house in Ystradgynlais ahead of retaining conveyancers. I have been informed that there is a flying freehold element to the house. My surveyor has said that some lenders may refuse to give a mortgage on such a house.
It depends who your proposed lender is. Santander has different instructions for example to Halifax. If you call us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Ystradgynlais. Conveyancing will be smoother if you use a solicitor in Ystradgynlais especially if they are accustomed to such properties in Ystradgynlais.
I am using a search engine for the phrase on line conveyancing in Ystradgynlais it shows results of numerous conveyancerslocally. With so much choice what is the best way to find the right property lawyer for my move?
The ideal way of seeking a suitable conveyancer is via personal recommendation, so enquire of friends and relatives who have acquired a property in Ystradgynlais or a local estate agent or financial adviser. Fees for conveyancing in Ystradgynlais vary, so it's sensible to request at least four fee estimates from different solicitors. Dont forget to clarify that the fees are fixed.