My lawyer has identified a a problem with the lease for the apartment we are purchasing in Downe. The seller’s lawyers have suggested defective title insurance as a solution. We are content with insurance and will cover the costs. Our lawyer has advised that he must be satisfied that the bank is happy 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 requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the lender are the client. The appropriate lender conditions must be adhered to.
My bank has suggested a law firm on their panel based in Downe but I would rather choose a conveyancing lawyer in Downe local to me. Can you assist?
Not all Downe conveyancing firms are listed all lender’s conveyancing panel. Do make the most of the above search tool to choose a Downe conveyancing conveyancer on the on the bank panel.
I am looking for a ground for flat up to £195,000 and found one close by in Downe I like with open areas and transport links nearby, however it's only got 52 years unexpired on the lease. I can't really find anything else in Downe suitable, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a mortgage the shortness of the lease may be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of twenty four months you could request that they start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
I am looking to sell my property. My former conveyancers closed down. I would be grateful for any recommendation of a conveyancing firm. Im based in Downe if that affects matters.
You should use our search tool to help you choose a solicitor for your conveyancing in Downe. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move runs with a minimum of fuss.
My husband and I are a couple of weeks into a residential purchase having been recommend to a firm by the local agent to execute conveyancing in Downe. I am am very disappointed with the quality of service. Could you you assist me in finding new conveyancers?
A lawyer would have to be really bad in order to consider changing them. Has your loan offer been issued? If so you need to inform them of the replacement lawyer and have the offer are re-sent. Your new solicitor ideally should be on the lenders approved list to avoid escalating charges and frustration. That should be your first question of the new conveyancers. The find a solicitor tool can assist you in finding a lender approved solicitor for your home move in Downe
My partner and I are purchasing a studio flat in Downe. When we first instructed conveyancer, they said that they were on all major UK lender panels. The financial adviser emailed today to advise that they are not on the Nationwide approved list. Should that be true, what should we do? Do we just pick a different conveyancer that is on their approved list or should we pay for separate representation, with Nationwide appointing their own preferred solicitor.
When acquiring a property with mortgage finance it is usual for the buyer’s solicitors to also act for the purchaser's lender. In order to act for a bank or building society a lawyer has to be on that lender's conveyancing panel. An application has to be made by the conveyancing practitioner to the lender to become a member of the lender's panel and there are increasingly strict conditions which the property lawyer has to meet. Some mortgage companies now insist their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should call Nationwide and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on Nationwide's conveyancing panel as you are at liberty to use your preferred Downe lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.