My lawyer has discovered a a legal deficiency with the lease for the property we are buying in Cowley. The seller’s lawyers have put forward title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancer says that he must be satisfied that the mortgage company is willing to move forward 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 mortgage company are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender 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 property lawyer will have no choice but to discontinue acting for you.
Is it necessary to take out insurance to cover chancel repairs when purchasing a residence in Cowley?
Unless a prior acquisition of the premises took place post 12 October 2013 you can assume that solicitors delivering conveyancing in Cowley to continue to advocate a chancel search and or insurance against a claim.
I'm purchasing my first flat in Cowley with a loan from The Royal Bank of Scotland. The builders refused to move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative told me not disclose to my conveyancer about the side-deal as it may 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.
I've recently found out that there is a flying freehold issue on a property I put an offer in last month in what was supposed to be a straight forward, chain free conveyancing. Cowley is where the house is located. Can you offer any advice?
Flying freeholds in Cowley are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Cowley you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cowley may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
How difficult is it to change solicitor as I need to select a firm on the HSBC Bank conveyancing panel. I instructed a high street conveyancing solicitor in Cowley five minutes from me but she is not accepted by HSBC Bank
We will our best to assist in finding you a conveyancing solicitor in Cowley on the HSBC Bank panel. Please note that the conveyancers that we on the directory do not pay us a referral fee if you instruct them and are under regulation of the Solicitors Regulation Authority who regulate all conveyancing solicitors in Cowley. Using search facility on this page, you can contrast fees for conveyancing solicitors in Cowley and beyond.
Developers have put forward a solicitor and I've obtained a quote from them. It's almost three hundred pounds cheaper than my preferred Cowley conveyancing practitioner. What's the catch?
Builders frequently have panels of lawyers who expedite matters and who know the seller’s contract and conveyancer. As many developers offer an inducement to use their approved conveyancer for this reason, any increased charges can be avoided and a builder won't suggest a conveyancing warehouse and run the risk of having the conveyancing stall when they need an exchange within a tight deadline. A counter-argument for not opting for the recommended conveyancing practitioner is that they may be reluctant to 'push' your interests for fear of alienating the sellers. Where you have concerns that this may be the situation you should stick with your local Cowley lawyer.