Our lawyer has discovered a defect with the lease for the property we are buying in Lisson Grove. The seller’s lawyers have offered title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer has advised that he must check that the lender is willing to move forward with this solution. Who is the client here, us or 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 specifications. You and the mortgage company are the client. The appropriate lender conditions have to be complied with.
I have paid off my mortgage with Lloyds. I assume I don't need a Lisson Grove conveyancer on the Lloyds panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Lloyds 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 Lloyds mortgage from the register. Lloyds, 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 Lloyds has sent the Land Registry the discharge electronically, and
- Lloyds has instructed the Land Registry to do so
Intending to buy a flat in Lisson Grove. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Bank of Ireland conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Lisson Grove lawyer is on the Bank of Ireland conveyancing panel.
Having read lots of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Lisson Grove solicitor - who is on the Coventry BS conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Coventry BS will need an independent valuation of the property. Your lawyer will not arrange this. Usually Coventry BS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Lisson Grove surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
It has been 2 months following my purchase conveyancing in Lisson Grove completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £215,000. 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 residence 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.
How does conveyancing in Lisson Grove differ for new build properties?
Most buyers of new build or newly converted property in Lisson Grove contact us having been asked by the developer to sign contracts and commit to the purchase even before the premises is completed. This is because builders in Lisson Grove typically buy the real estate, 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 conveyancing solicitors 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 Lisson Grove or who has acted in the same development.
In scouring the world wide web for the words conveyancing in Lisson Grove it reveals many solicitorsin the area. How do I determine which is the suitable property lawyer for purchase transaction?
The preferential method of seeking the right conveyancer is through a trusted referral, so enquire of friends and relatives who have purchased a property in Lisson Grove or the local estate agent or mortgage broker. Charges for conveyancing in Lisson Grove differ, so it's a good idea to secure at least three estimates from varying types of solicitors. Make sure that you clarify what costs in the quote includes.
How do I identify reasonably priced conveyancing in Lisson Grove?
First ask your friends and family they would would instruct. Second, search the internet for conveyancing in Lisson Grove. Phone two or three from the list and ask them to send you their conveyancing estimate and speak to the lawyer who will handle your conveyancing before you commit. Third is to use our search tool to help you find the right lawyers for you based on your unique requirements including location,speed, complexity and who your intended mortgage company is.Do not be fooled by lowest cost conveyancing solicitors in Lisson Grove