My solicitor has discovered a a legal deficiency with the lease for the apartment we are buying in Lixwm. The seller’s lawyers have suggested defective title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer has advised that he must be satisfied that the bank is happy with this solution. Who is the client here, us or the bank?
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 lawyer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company 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.
Can you clarify what the consequences are if my lawyer’s firm is expelled from the Kent Reliance Conveyancing panel ahead of completing my conveyancing in Lixwm?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
When it comes to mortgage companies such as Leeds Building Society, do Lixwm solicitors face a fee to be on the conveyancing panel?
We are unaware of any mortgage company fees to register on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
Two weeks ago we had a mortgage agreed in principle with Skipton. Lixwm conveyancing solicitors are selected. How long does it take for Skipton to forward the offer to the conveyancing practitioner?
Some lenders take longer than others. Have Skipton completed the valuation? Have you advised Skipton as to your lawyers' details and checked that your lawyers are on the Skipton conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I have decided to exercise my right to buy my property in Lixwm off the council. I have a mortgage offer with Aldermore. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have 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.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one close by in Lixwm I like with amenity areas and railway links in the vicinity, however it's only got 49 years on the lease. There is not much else in Lixwm for this price, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a mortgage that many years may be problematic. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for at least twenty four months you may request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
My cousin has suggested that I instruct his conveyancers in Lixwm. Should I find my own solicitor?
There are no two ways about it the best way to find a conveyancing lawyer is to have referrals from friends or family who have actually used the firm you're considering.
What tools are available to find a Lixwm conveyancing solicitor on the lender conveyancing panel? I have a car and am prepared to travel up to 10miles to attend the conveyancer.
Feel free to make use of the find a conveyancing panel tool on this page. Please choose the lender and your location, in this case Lixwm and you will see a number of lawyer located nearest Lixwm. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the mortgage company solicitor panel.