My lawyer has discovered a defect with the lease for the property we are purchasing in King's Cross. The other side have put forward defective title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancer says that he must be satisfied that the lender is content with this solution. Who is the client here, us or the mortgage company ?
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 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.
Why do I have to pay up front for conveyancing in King's Cross?
Where you are retaining lawyers for conveyancing in King's Cross your solicitor will ask you to provide them with funds to cover the the cost of the conveyancing searches. Generally this is requested to cover the fees of the conveyancing searches. If any deposit is payable against the total price then this will be required shortly prior to contracts are exchanged. The closing balance that is needed will be payable a couple of days ahead of the completion date.
My apartment in King's Cross is up for sale and I have a purchaser. Does the lawyer have to be required to be on the Barclays conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Barclays conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently at the moment.
Me and my partner are buying a property in King's Cross. I might seem paranoid but how we can trust a conveyancer? On the day of competition we will need to put funds into their account. What is the protection we have from them run away with our monies?
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.
My partner and I are at the point of viewing houses in King's Cross and I am now considering a potential offer. Should I already have a property lawyer appointed at this point? I am planning to take a mortgage with HSBC.
It would be advisable to start your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the estate agent. Given that you are obtaining a mortgage with HSBC, make sure you remember to check that your lawyer is on the HSBC conveyancing panel.
Aldermore have agreed my home loan in principle, my bid on a house in King's Cross has been accepted, what are the next steps?
The estate agent will wish to be informed of your lawyer's details (ensure that the lawyers are on the bank’s approved list). Contact Aldermore or the broker and finalise any relevant paperwork. Aldermore will sellect a valuer who will get in touch with the selling agent or vendor to schedule an appointment. Once carried out (assuming no problems) it takes approximately a week to get a mortgage offer. Aldermore will issue the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in King's Cross.
Various web forums that I have visited warn that are a common cause of hinderance in King's Cross house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of delays in the conveyancing process. Local searches are unlikely to be the root cause of slowing down conveyancing in King's Cross.
I have todayfound out that Stirling Law have been shut down. They carried out my conveyancing in King's Cross for a purchase of a leasehold flat 18 months ago. How can I check that my home is in my name in the name of the former proprietor?
The easiest way to check if the premises is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of King's Cross conveyancing specialists.