My lawyer has discovered a defect with the lease for the flat we are purchasing in Foots Cray. The other side have suggested title insurance as a solution. We are happy with insurance and will cover the costs. Our property lawyer says that he must check that the bank is happy with this solution. Are we the client or is the bank?
Regardless of the fact that you have a mortgage offer from the lender does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the lender are the client. These conveyancing instructions must be adhered to.
I have decided to exercise my right to buy my property in Foots Cray off the council. I have a mortgage offer with Aldermore. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Aldermore, you will need to appoint a solicitor on the Aldermore conveyancing panel.
Completion of my purchase has taken place for my property in Foots Cray. Conveyancing was a necessary evil but I would like to complain about the lender. How do I make a complaint?
Most banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Department at head office. We understand that complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
It is not clear whether my bank requires a lease extension. I have telephoned my Foots Cray building society branch on numerous occasions and was told it wasn't an issue and they will lend. My Foots Cray conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they refuse to lend based on their specific requirements. Who do I believe?
Provided that the conveyancer is on the lender panel, she or he must follow the CML Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I need some expedited conveyancing in Foots Cray as I have an ultimatum to exchange contracts in less than one month. Thankfully I do not require a mortgage. Is it possible to escape the need for conveyancing searches to save money and time?
As you are are a cash buyer you are at liberty not to have searches conducted although no solicitor would suggest that you don't. With lots of history conveyancing in Foots Cray the following are instances of issues that can appear and adversely affect market value: Refused Planning Applications, Outstanding Charges, Outstanding Grants, Unadopted Roads,...
It has been 2 months following my purchase conveyancing in Foots Cray took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £180,000. 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 property 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.
My partner has suggested that I instruct his conveyancers in Foots Cray. Do I take his guidance?
There are no two ways about it the ideal way to find a conveyancing practitioner is to get feedback from friends or family who have previously instructed the firm you're considering.
My partner and I have had DIP from Nottingham Building Society who said we could borrow up to £218k. At what point do I need to appoint a lawyer for conveyancing? Foots Cray is where we are buying.
It would be wise to instruct a property lawyer now so that the lawyer can open the ledger so they can do the ID checks etc. As and when you wish them to start work you will be asked for a deposit normally about £200. That should generally be after you have the mortgage offer and valuation report, nevertheless if you wish to speed matters you can get going quicker albeit risking some expense.