Our conveyancer has discovered a a problem with the lease for the property we are buying in East Sheen. The seller’s lawyers have suggested defective title insurance as a workaround. We are content with insurance and will pay for it. Our solicitor says that he must ensure that the mortgage company 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 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 conveyancing practitioner will have no choice but to discontinue acting for you.
What is the first thing I need to know concerning purchase conveyancing in East Sheen?
You may not hear this from too many lawyers but conveyancing in East Sheen or throughout South West London is often a confrontational process. In other words, when it comes to conveyancing there is lots of opportunity for confrontation between you and other parties involved in the ownership transfer. E.g., the seller, estate agent and on occasion your lender. Choosing a solicitor for your conveyancing in East Sheen should not be taken lightly as your conveyancer is your adviser, and is the ONE person in the transaction whose interest is to protect your legal interests and to keep you safe.
We are witnessing a worrying ongoing adversarial element to conveyancing- someone has to be at fault for the process being so protracted. You your first instinct should be to trust your solicitor ahead of the other parties in the home moving process.
If you had a top tip for selecting a conveyancing solicitor in East Sheen what would it be?
It would be unwise to be swayed by the cheapest East Sheen conveyancing quote. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
I had a mortgage agreed in principle with Coventry BS. East Sheen conveyancing solicitors were appointed. How long does it take for Coventry BS to forward the offer to the property lawyer?
Some lenders take longer than others. Have Coventry BS done the valuation? Have you advised Coventry BS as to your lawyers' details and checked that your lawyers are on the Coventry BS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
We have agreed to purchase a house in East Sheen. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Principality be concerned?
As your lender is Principality your lawyer must follow the conveyancing instructions set out in Section 2 of UK Finance Lenders’ Handbook for Principality. The Council of Mortgage Lenders’ Handbook sets out minimum provisions for solar panel roof-space leases, and conveyancers are required to report to Principality where a lease does not meet these conditions. The requirements relate to the installation of panels on properties in England and Wales and is not isolated to East Sheen.
I have been on the look out for a flat up to £195,000 and found one close by in East Sheen I like with open areas and station nearby, the downside is that it's only got 61 remaining years left on the lease. There is not much else in East Sheen in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you need a home loan the remaining unexpired lease term will be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 2 years you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
I have been advised by numerous estate agents in East Sheen to find a property lawyer on your site. What’s the financial advantage for Estate Agents to recommend your services ahead of another?
We don’t make any commission for directing people to this site. We thought it would be too underhand a fee because a client could think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
Are you able recommend a good lawyer to do the purchase of an apartment in East Sheen. With any luck we will secure the flat for £235000 with a mortgage from Yorkshire BS. We live in East Sheen but dont mind where they are.
The purpose of this site is restricted to being a directory service for conveyancers who want to be listed as being on the approved conveyancing panel for Yorkshire BS in certain areas for instance East Sheen . We dont recommend any specific lawyer.