My conveyancer has uncovered a a problem with the lease for the apartment we are purchasing in Clacton On Sea. The other side have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancer says that he must ensure that the bank is happy 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 lender are the client. Your lawyer 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 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 conveyancer will have no choice but to discontinue acting for you.
The Clacton On Sea conveyancing lawyers that I appointed last week on my purchase in Clacton On Sea have without warning closed. I only went with them because I had to have a solicitor on the Nottingham conveyancing panel and my family Clacton On Sea lawyer was not. I paid them funds on account. What are my options?
If you have an estate agent involved then let them know straight away so that they advise the vendors that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Nottingham conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to help.
I am selling our property in Clacton On Sea and according to the buyers it appears that there is a possibility that the property was built on contaminated land. A local lawyer would know this is not the case. For the life of me I don't know why the purchasers used a web based conveyancing practice as opposed to a conveyancing solicitor in Clacton On Sea. Having lived in Clacton On Sea for many years we know that this is a non issue. Do we get in touch with our local Authority to get clarification that there is no issue.
It sounds as though you may have a conveyancing lawyer already. Are they able to advise? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
I am buying a new build house in Clacton On Sea with the aid of help to buy. The developers refused to move on the amount so I negotiated 6k of additionals instead. The estate agent told me not inform my conveyancer about this side-deal as it could impact 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.
In my capacity as executor for the will of my grandfather I am disposing of a house in Swansea but live in Clacton On Sea. My solicitor (who is 200 kilometers awayneeds me to sign a statutory declaration prior to completion. Could you suggest a conveyancing practitioner in Clacton On Sea to witness this legal document for me?
strictly speaking you should not be required to have the documents attested by a conveyancing solicitor. Normally or notary public or solicitor will do regardless of whether they are Clacton On Sea based
I am attracted to a couple of flats in Clacton On Sea both have approximately forty five years remaining on the leases. Will this present a problem?
A lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the marketability of the lease deteriorates and it becomes more costly to acquire a lease extension. This is why it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area.
Leasehold Conveyancing in Clacton On Sea - Sample of Questions you should consider Prior to buying
How is the lease structured? You will want to discover as much as you can regarding the managing agents as they will either make your life much simpler or problematic. As the owner of a leasehold property you are often in the clutches of the managing agents from a financial perspective and when it comes to practical matters like the cleanliness of the common parts. Ask prospective neighbours what they think of them. On a final note, be sure you know the dates that the service charges are due to the appropriate party and specifically what you get for your money. Does the lease contain onerous restrictions?