My conveyancer has uncovered a a legal deficiency with the lease for the property we are buying in Dursley. The other side have put forward defective title insurance as a solution. We are happy with insurance and will cover the costs. Our property lawyer has advised that he must ensure that the lender is happy with this solution. Who is the client here, us or the bank?
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 conveyancer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company 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.
My brother-in-law has suggested I instruct a conveyancing solicitor in Dursley. I I would like to check whether they are accepted on the HSBC Bank conveyancing panel. Can you advise?
You should contact your conveyancer and enquire if they are on the lender panel. Otherwise please get in touch with HSBC Bank who may be able to confirm.
I'm spending time viewing flats in Dursley and I am about to put in an offer. Is it advisable to have my solicitor on ‘stand by’? I intend to finance via a home loan with Bank of Ireland.
It would be prudent to commence your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their contact information on to the selling agent. Given that you are taking out a mortgage with Bank of Ireland, ask your prospective lawyers if they are on the Bank of Ireland conveyancing panel otherwise they can't do the mortgage legal work.
I currently have a mortgage with Virgin Money for my property in Dursley. Conveyancing was finalised a year ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Virgin Money?
Your original mortgage agreement with Virgin Money will provide that you need their approval before renting your property as this is likely to be a breach of Virgin Money’s mortgage conditions. It may be that Virgin Money will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Virgin Money directly. You need not do this via a Virgin Money conveyancing panel solicitor.
My sealed bid on a property in Dursley has been agreed to, but there is a chain. The sellers have offered on a property, however it’s not yet agreed to, and have viewings of other apartments booked. I have instructed a local conveyancing solicitor in Dursley. What do I do now? When should I get the mortgage application with Coventry BS started?
It is usual to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is in the region of £1k, then survey, Dursley conveyancing search fees, etc). First, you should check that your conveyancing practitioner is on the Coventry BS approved list. Concerning the next steps this very much dictated by the uniqueness of your case, motivation for this property and on the state of the market. During a hot market the majority of home buyers will apply for a home loan with Coventry BS and arrange for the valuation and only if it was satisfactory would they pay their lawyer to move forward with searches.
It has been 2 months following my purchase conveyancing in Dursley concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I have been sourcing a conveyancing solicitor in Dursley for my remortgage. Can I review a firm’s record with the legal regulator?
One can see presented Solicitor Regulator Association (SRA) determinations resulting from investigations from 2008 onwards. Go to Check a solicitor's record. For information Pre 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, use +44 (0)121 329 6800. The regulator sometimes monitor telephone calls for training reasons.
What advice can you give us when it comes to finding a Dursley conveyancing firm to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Dursley conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Dursley conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be of use:
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Can they put you in touch with clients in Dursley who can give a testimonial?
I own a leasehold flat in Dursley, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Dursley with over 90 years remaining are worth £195,000. The average or mid-range amount of ground rent is £45 yearly. The lease ceases on 21st October 2087
You have 63 years left to run we estimate the premium for your lease extension to be between £16,200 and £18,600 plus legals.
The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.