Our conveyancer has identified a a legal deficiency with the lease for the apartment we are buying in Ampthill. The seller’s lawyers have put forward defective title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancer says that he must check that the bank is happy 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 mortgage company are the client. Your lawyer 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 conveyancing practitioner will have no choice but to discontinue acting for you.
Do the Building Society Association intend to launch a searchable register to to identify practices on the Melton Mowbray Building Society conveyancing panel for example in Ampthill?
We have not been informed any intention on the part of the BSA to promote such a search facility.
Are there restrictive covenants that are commonly identified during conveyancing in Ampthill?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Ampthill. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am purchasing a new build house in Ampthill with a mortgage from Platform Home Loans Ltd. The builders would not move on the amount so I negotiated five thousand pounds worth of extras instead. The sale representative told me not inform my solicitor about the deal as it will jeopardize my mortgage with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
I'm remortgaging my existing property to a BTL loan with HSBC Bank and I will use the ballance of the raised equity as a deposit on another house. The location we are interested in is Ampthill. Will your lawyers be able to act for the two banks and tie in the transactions?
Do use our search tool on this site to check that the solicitors are on the appropriate lender panels. Having checked that they are your solicitor will be able to connect the two transactions but you should have a chat with you lawyer and make apparent your expectations and requirements.
I have miscalculated my finances and am a few grand short a 10% deposit on my flat purchase in Ampthill , but I still want to go ahead. Do I have options?
You can accept a smaller deposit. Most property owners will accept a smaller deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last minute