Our solicitor has uncovered a a problem with the lease for the apartment we are buying in Egremont. The other side have put forward title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancing practitioner says that he must ensure that the mortgage company is content with this solution. Are we the client or is the bank?
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 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.
I have a decision in principle. The bank mentioned the loan came with free conveyancing. Is the implication that I have to appoint their panel conveyancer as I would much rather use a local conveyancing solicitor in Egremont?
Do check but the chances are that appoint one of their panel conveyancers where you want the "fee-free" deal. Speak to the bank and ask if they make available a monetary alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor near Egremont.
I used Action Conveyancing several years past for my conveyancing in Egremont. I now require my file but the law firm has closed. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Egremont of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in Egremont differ for newly converted properties?
Most buyers of new build property in Egremont contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is completed. This is because developers in Egremont tend to acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Egremont or who has acted in the same development.
I decided to have a survey done on a house in Egremont in advance of appointing conveyancers. I have been advised that there is a flying freehold element to the property. Our surveyor has said that some lenders will refuse to grant a loan on a flying freehold premises.
It depends who your proposed lender is. Santander has different instructions from Halifax. Should you wish to call us we can look into this further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Egremont. Conveyancing may be slightly more expensive based on your lender's requirements.
How straightforward is it to use your search facility to select a conveyancing solicitor in Egremont on the approved list for my mortgage?
Step one is to pick a mortgage company such as Lloyds TSB Bank, Virgin Money or Platform Home Loans Ltd then choose your preferred area such as Egremont. Conveyancing organisations in Egremont and further afield should be listed.