Our lawyer has uncovered a defect with the lease for the property we are buying in Dagenham. The other side have offered defective title insurance as a workaround. We are happy with insurance and will pay for it. Our property lawyer has advised that he must ensure that the mortgage company is content with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your solicitor 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 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 conveyancing in Dagenham?
Where you are retaining lawyers for conveyancing in Dagenham your lawyer will request that you put them with monies to cover the search fees. This will be the total of the cost of the Local Authority Search. If any down payment is as part of the total price then this should be needed immediately in advance of exchange of contracts. The closing balance that is due will be payable a few days ahead of the day of completion.
We had selected conveyancers located in Dagenham on the Lloyds solicitor approved list. They have just invoiced me an additional sum for handling the Lloyds mortgage. Is this a supplemental conveyancing fee specified by Lloyds?
Provided it is contained in their Terms of Engagement or estimate then yes your conveyancing practitioner can charge a fee for this. The fee is not dictated by Lloyds but by your Dagenham lawyer. Numerous firms on the Lloyds panel will levy ’dealing with mortgage’ fee and others do not.
How can we tell if a Dagenham conveyancing solicitor on the Lloyds panel is any good?
When it comes to conveyancing in Dagenham getting recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advise that you speak with the solicitor handling your transaction.
My partner and I have organised a further advance on our mortgage from Santander as we want to conduct alterations to our home in Dagenham. Are we obliged to select a high street Dagenham solicitor on the Santander conveyancing panel to deal with the paperwork?
Santander don't usually appoint a member of their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Santander list.
I am purchasing a new build house in Dagenham with a loan from Skipton Building Society. The builders refused to move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative suggested that I not disclose to my lawyer about the extras as it will impact my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Last February I purchased a leasehold property in Dagenham. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I have tried to negotiate informally with with my landlord to extend my lease without getting anywhere. Can a leaseholder apply to the Leasehold Valuation Tribunal? Can you recommend a Dagenham conveyancing firm to help?
Absolutely. We are happy to put you in touch with a Dagenham conveyancing firm who can help.
An example of a Lease Extension case for a Dagenham flat is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case was in relation to 1 flat. The unexpired term as at the valuation date was 61.36 years.
New build sellers have put forward a conveyancer and I've sought an estimate from them. They are almost two hundred pounds less expensive than my own Dagenham conveyancer. What's the catch?
Developers often have lists of solicitors who expedite matters and who know the builder's documentation and property lawyer. As many developers offer an inducement to use a preferred conveyancer for this reason, any increased fees can be avoided and a builder won't suggest a conveyancing factory and run the risk of having the conveyancing delayed when they require an exchange within a tight deadline. A counter-argument for not opting for the recommended property lawyer is that they may be unwilling to 'push' your interests for fear of alienating the housebuilder. Where you have concerns that this may be the case you should stick with your local Dagenham conveyancing practitioner.