My conveyancer has uncovered a defect with the lease for the property we are buying in Ambleside. The seller’s lawyers have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancer has advised that he must be satisfied that the mortgage company is willing to move forward with this solution. Who is the client here, us or the bank?
Regardless of the fact that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the mortgage company are the client. The appropriate lender provisions have to be complied with.
In researching online forums for a recommended lawyer in Ambleside, many post that I must use a CQS assured lawyer. Can you explain what CQS is?
The Law Society's Conveyancing Quality Scheme is the recognised kitemark for legal experts in home moving process, trusted by some of the UK's leading mortgage companies. In 2011-12 the Conveyancing Quality Scheme was officially recognised by the Association of British Insurers (ABI). CQS is not a scheme offered by the Society for Licensed Conveyancers. Ambleside is one of the many areas in England and Wales where there are Accredited solicitors.
My wife and I have a 4 bedroom Georgian property in Ambleside. Conveyancing lawyer acted for me and TSB. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, another for leasehold with the matching address. Is it worth asking TSB to clarify?
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Ambleside and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the situation with your conveyancing lawyer who conducted the work.
I am purchasing a new build house in Ambleside with a mortgage from Nottingham Building Society. The developers would not budge the amount so I negotiated five thousand pounds worth of extras instead. The estate agent told me not to tell my lawyer about this side-deal as it would jeopardize my loan with the bank. Should I keep quiet?.
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.
We're FTB’s - agreed a price, but the selling agent has warned us that the vendor will only go ahead if we appoint the agent's recommended lawyers as they are insisting on a ‘quick sale’. We would rather use a high street conveyancer accustomed to conveyancing in Ambleside
We suspect that the owner is unaware of this requirement. If they desire ‘a quick sale', taking such a hostile approach to a genuine buyer is likely to cause more damage than good. Speak to the owners direct and make sure they understand (a)you are genuine purchasers (b)you are excited to move forward, with mortgage lined up © you are chain free (d) you intend to proceed fast (e)but you are going to use your own,trusted Ambleside conveyancing firm - as opposed tothose that will earn their estate agent a commission or achieve conveyancing figures set by HQ.
We are FTB’s just having agreed a price on a property in Ambleside, and are now looking to get solicitors appointed. We have made use of the numerous comparison based websites and the fee estimates are from all over the country. Is it critical to have a Ambleside conveyancer local to our potential house? We are content to do everything electronically, but I guess at some stage we may need to physically go into the lawyer's office to sign documents?
The conveyancing practitioner does not need to be in Ambleside, but choosing local means that you have the option to visit their offices if required, by way of example, if a signature is needed urgently. Also, a Ambleside solicitor is likely to be familiar with local agents and (if the vendor has instructed a local conveyancer) with them, which will help keep things moving faster.