My conveyancer has uncovered a a problem with the lease for the property we are purchasing in Houghton Le Spring. 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 check that the bank is content with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender 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.
My wife and I are buying a flat in Houghton Le Spring. I might seem paranoid but how we can trust a solicitor? At some point we will need to put money into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Two weeks ago we had a mortgage agreed in principle with RBS. Houghton Le Spring conveyancing practitioners have been selected. What is the average time that one could expect to receive a mortgage offer from RBS?
There is no definitive answer here. Have RBS conducted the valuation? Have you advised RBS as to your lawyers' details and checked that your lawyers are on the RBS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
It is unclear whether my lender requires a lease extension. I have telephoned my Houghton Le Spring building society branch on various occasions and was told it does not impact the mortgage offer and they would lend. My Houghton Le Spring conveyancing solicitor - who is on the bank conveyancing panel- called and was told they refuse to lend based on their specific requirements. Who do I believe?
Your solicitor has to follow the Council of Mortgage Lenders’ Handbook Part 2 requirements for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
The deeds to our house are lost. The solicitors who conducted the conveyancing in Houghton Le Spring 10 years ago are no longer around. Will I be able to sell the house?
You no longer need to have the physical official documentation to prove you are the registered proprietor of land or premises, given that the Land Registry hold details of all registered land or property electronically.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what should have been a quick, chain free conveyancing. Houghton Le Spring is where the house is located. What do you suggest?
Flying freeholds in Houghton Le Spring are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Houghton Le Spring you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Houghton Le Spring may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
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At this site get a fixed fee quote from a Solicitor or Licensed Conveyancer that has a full understanding of the nuances of your conveyancing in Houghton Le Spring. Unlike many estate agents and many comparison sites we are not in the business of charging firms a fee if you appoint them for your home move in Houghton Le Spring
My step-father has recommend that I use his lawyers for conveyancing in Houghton Le Spring. Should I find my own property lawyer?
No doubt it’s preferable to choose a conveyancing lawyer is to have guidance from friends or relatives who have actually used the conveyancer that you are considering.