My lawyer has identified a defect with the lease for the apartment we are purchasing in Axminster. The seller’s lawyers have suggested title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer has advised that he must ensure that the lender is content with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook provisions. 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 solicitor will have no choice but to discontinue acting for you.
Why do I have to pay up front for my conveyancing in Axminster?
If you are buying a property in Axminster your solicitor will ask you put them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. When the down payment is payable against the total price then this should be needed shortly ahead of contracts are exchanged. The closing balance that is needed should be transferred shortly before completion.
We intend to purchase a newly converted flat in Axminster with a residential mortgage from Barnsley Building Society.We use our Axminster conveyancing lawyer but Barnsley Building Society says she’s not on their "panel". We have to appoint a Barnsley Building Society panel solicitor or retain our local solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; Can we not simply insist that Barnsley Building Society use our lawyer?
No, not really. The mortgage issued to you is subject to its various provisions, one of which will be that conveyancers needs to be on the Barnsley Building Society approved list. in the past, most mortgage companies had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Barnsley Building Society
My wife and I purchased a 4 bedroom Georgian house in Axminster. Conveyancing practitioner represented me and HSBC Bank. I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, the second leasehold with the matching address. I thought I was buying a freehold how can I check?
You need to 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 owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Axminster and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the situation with your conveyancing practitioner who conducted the purchase.
Due to the encouragement of my in-laws I had a survey completed on a property in Axminster prior to retaining solicitors. I have been told that there is a flying freehold aspect to the property. Our surveyor has said that some lenders tend not grant a loan on such a property.
It varies from the lender to lender. HSBC has different requirements from Nationwide. If you e-mail us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Axminster. Conveyancing may be slightly more expensive based on your lender's requirements.
I need to instruct a conveyancing solicitor for sale conveyancing in Axminster. I have chance upon a web site which seems to have the perfect offering If it is possible to get all the legals completed via phone that would be ideal. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?