Our lawyer has identified a defect with the lease for the flat we are purchasing in Aldermanbury. The seller’s lawyers have suggested 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 bank is willing to move forward with this solution. Who is the client here, us or 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 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 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 your site be used to find a Conveyancing solicitor in Aldermanbury even where I’m not buying or disposing of a house, for instance if I intend to buy a shop in Aldermanbury with a mortgage from Halifax?
Our comparison service is mainly there to find domestic conveyancing solicitors in Aldermanbury but we have recorded at the bottom of this page a few Aldermanbury commercial conveyancing firms. You should speak with the solicitors directly to check if they are also authorised to represent Halifax
How does conveyancing in Aldermanbury differ for new build properties?
Most buyers of new build or newly converted property in Aldermanbury contact us having been asked by the builder to sign contracts and commit to the purchase even before the house is ready to move into. This is because builders in Aldermanbury usually acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Aldermanbury or who has acted in the same development.
Am I right to be suspicious by estate agents that I am dealing with are recommending a nationwide conveyancing firm as opposed to a local Aldermanbury conveyancing company?
As is the case with many service providers, often input from family and friends can be most helpful. Yet there are many players in a conveyancing deal; estate agents, financial adviser and banks may put forward solicitors to appoint. On occasion the solicitors might be known to one of the organisations as being good in their field, but sometimes there is an underlying commercial relationship behind the endorsement. You are free to choose your preferred conveyancer. However, bear in mind that some lenders have an approved list of lawyers you have to use for the mortgage related work in your transaction.
I am four weeks into a freehold purchase having been directed to solicitors by the estate agent to do our conveyancing in Aldermanbury. I am am extremely dissatisfied with the quality of service. Can you you assist me in finding new lawyers?
A conveyancer would have to be very poor in order to consider replacing them. Has the mortgage offer been sent? If so you must inform them of the new lawyer and get the mortgage documents are re-issued. Your new conveyancer should be on the mortgage company approved list to avoid supplemental expenses and delays. That should be your starting point. Our find a solicitor tool can assist you in finding a lender approved lawyer for your conveyancing in Aldermanbury
My wife and I have chosen a Aldermanbury conveyancing solicitor for our home move (FTB’s) and have spotted in the terms and conditions that they are not overseen by the Financial Conduct Authority. Should I be concerned or is that standard with property lawyer?
We can't see why they should be. Most conveyancer don't lend money. They should be regulated by the Solicitors Regulation Authority, who dictate specific obligations covering amounts held by them.