Our lawyer has discovered a a problem with the lease for the property we are purchasing in Highnam. The seller’s lawyers have offered title insurance as a solution. We are content with insurance and will pay for it. Our conveyancing practitioner says that he must be satisfied that the mortgage company is happy with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank 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 lawyer will have no choice but to discontinue acting for you.
My lawyer in Highnam is not on the Nottingham Building Society Approved Panel. Can I still continue with my prefered solicitor notwithstanding that they are not on the Nottingham Building Society list of approved lawyers?
The limited options available to you here include:
- Carry on with your existing Highnam lawyers but Nottingham Building Society will need to retain a lawyer on their panel. This will inevitably rack up the total legal charges as well as result in delays.
- Find an alternative solicitor to to deal with the conveyancing, remembering to check they are Convince your conveyancer to use their best endeavours to join the Nottingham Building Society conveyancing panel
I have today made my last payment due on my mortgage with Kent Reliance. I assume I don't need a Highnam lawyer on the Kent Reliance panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Kent Reliance mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Kent Reliance mortgage from the register. Kent Reliance, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Kent Reliance has sent the Land Registry the discharge electronically, and
- Kent Reliance has instructed the Land Registry to do so
I was told three weeks ago that my mortgage has been agreed to by Clydesdale. Is it usual for Clydesdale to only issue the offer once my solicitor in Highnam is approved on their conveyancing panel? Clydesdale have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Clydesdale to deal with your lawyer's application to be on the Clydesdale conveyancing panel. There's no guarantee that your solicitor will be accepted.
Lloyds have agreed my mortgage in principle, my offer on a house in Highnam has been accepted, now what?
The property agent will need to be advised as to your conveyancer's details (ensure that the conveyancing practitioners are on the bank’s panel). Contact Lloyds or your financial adviser and complete any outstanding paperwork. Lloyds will appoint a valuer who will get in touch with the selling agent or vendor to book an appointment. Once conducted (assuming no problems) it takes on average ten days for the mortgage offer to be issued. Lloyds will issue the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Highnam.
I am buying a new build house in Highnam with a loan from Nottingham Building Society. The builders refused to budge the price so I negotiated 6k of additionals instead. The house builders rep advised me not to tell my lawyer about this deal as it could jeopardize my mortgage with Nottingham Building Society. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
How straightforward is it to use your search facility to locate a conveyancing lawyer in Highnam on the authorised to act for my mortgage?
First choose a mortgage company such as Birmingham Midshires, Coventry Building Society or Bank of Ireland then choose your preferred area for instance Highnam. Conveyancing practices in Highnam and further afield should be shown.
I need to instruct a conveyancing solicitor for residential conveyancing in Highnam. I've stumble upon a site which appears to be the ideal offering If it is possible to get all the legals done via web that would be preferable. Do I need to be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?