My solicitor has identified a defect with the lease for the flat we are buying in Millwall. The other side have suggested title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor has advised that he must ensure that the bank is willing to move forward with this solution. Are we the client or is 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 specifications. 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 conveyancer will have no choice but to discontinue acting for you.
There are numerous conveyancing solicitors in Millwall but how do I know who I should use?
It would be unwise to be swayed by the cheapest Millwall conveyancing fees. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of the deal.
This question may be naive but I am wet behind the ears as a first time buyer of a two bedroom flat in Millwall. Do I collect the keys to the property on completion from my conveyancer? If this is the case, I will find a High Street conveyancing solicitor in Millwall?
There is no need to visit the lawyers office on the day of completion. Your solicitors will arrange to send the completion advance to the vendor’s lawyers, and shortly after the monies have arrived, you should be called to pick up the keys from the property Agents and start moving into the property. This tends to happen early afternoon.
I happen to be the sole beneficiary of my late grandmother’s will with all property in now in my sole name, including the my former home in Millwall. The Millwall property was put into my name in December. I now wish to sell up. I do know about the CML 6 month 'rule', meaning my proprietorship could be regarded the same way as if I'd bought the house in December. Do I have to wait 6 months to sell?
The CML handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be impacted by that. many mortgage companies would take a practical view as this provision principally exists to identify subsales or the wholesaling and assigning of property.
Despite weeks of looking the Title Certificate and documents to our property are lost. The solicitors who handled the conveyancing in Millwall 4 years ago are no longer around. What are my options?
As long as the title is registered the information relating to your ownership will be evidenced by HMLR with a Title Number. It is possible to conduct a search at the Land Registry, locate your house and order up to date copies of the property title for less than a fiver. Where the property is Leasehold then the Land Registry will usually hold a file copy of the Registered Lease and again, a copy can be ordered for a small fee.
I'm buying my first flat in Millwall with the aid of help to buy. The sellers would not reduce the amount so I negotiated £7000 of extras instead. The estate agent suggested that I not disclose to my lawyer about the extras as it would adversely affect my loan with Lloyds TSB Bank. Should I keep quiet?.
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.
Due to the input of my in-laws I had a survey completed on a house in Millwall before appointing solicitors. I have been told that there is a flying freehold element to the house. Our surveyor has said that some banks may refuse to give a loan on a flying freehold home.
It depends who your proposed lender is. HSBC has different instructions from Birmingham Midshires. Should you wish to call us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Millwall. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Millwall to see if the conveyancing costs will increase in light of this.
I am thinking of appointing a conveyancing practitioner in Millwall for my house move. Can I see a solicitor's record with the legal regulator?
One may search for documented Solicitor Regulator Association (SRA) decisions resulting from inquisitions from 2008 onwards. Go to Check a solicitor's record. To find information about the period before 1 January 2008, or to check a solicitors record, call 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, call +44 (0)121 329 6800. The SRA sometimes recorded call for training purposes.