I am getting a mortgage with Santander. I would like to use a Licensed Conveyancer in Chingford. Does the Santander Solicitor panel include conveyancers regulated by the CLC?
The Santander conveyancing panel is, like many other lenders, represented by the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
Our lawyer has identified a a legal deficiency with the lease for the flat we are buying in Chingford. The seller’s lawyers have put forward title insurance as a workaround. We are content with insurance and will pay for it. Our property lawyer says that he must check that the lender is content with this solution. Who is the client here, us or the mortgage company ?
Even though you have a mortgage offer from the lender 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 requirements. You and the bank are the client. The appropriate lender requirements must be adhered to.
We are selling our flat in Chingford. Does the lawyer have to be on the Kent Reliance conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Kent Reliance conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently in recent years.
I'm buying my first flat in Chingford with a mortgage from Barclays Direct. The developers refused to budge the price so I negotiated 6k of fixtures and fittings instead. The property agent suggested that I not to tell my lawyer about the side-deal as it would jeopardize my mortgage with the lender. Do I keep my lawyer in the dark?.
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 am looking for a flat up to £245,000 and found one close by in Chingford I like with amenity areas and railway links in the vicinity, the downside is that it's only got 49 remaining years left on the lease. There is not much else in Chingford for this price, so just wondered if I would be making a grave error buying a short lease?
If you require a home loan that many years will be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
I have been sourcing a conveyancing practitioner in Chingford for my purchase. Is it possible to review a firm’s complaints history with the legal regulator?
Anyone may read published Solicitor Regulator Association (SRA) decisions arising from inquisitions from 2008 onwards. Visit Check a solicitor's record. For information about the period before 1 January 2008, or to check a firm's history, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, call +44 (0)121 329 6800. The regulator could recorded call for training reasons.