Our conveyancer has identified a defect with the lease for the property we are purchasing in Milton Keynes. The other side have offered defective title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancer says that he must ensure that the mortgage company is happy 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 mortgage company are the client. Your solicitor 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 solicitor will have no choice but to discontinue acting for you.
It is 10 years ago since I purchased my property in Milton Keynes. Conveyancing lawyers have just been appointed on the sale but I am unable to locate the title documents. Will this jeopardise the sale?
You need not be too concerned. First the deeds may be with the mortgage company or they may stored with the solicitor who acted in your purchase. Secondly in all probability the property will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers obtaining up to date copy of the land registers. Most conveyancing in Milton Keynes involves registered property but in the rare situation where your property is not registered it is more of a problem but is resolvable.
This question may be naive but I am new to the home moving as FTB of a two bedroom flat in Milton Keynes. Do I collect the keys to the premises on completion from my solicitor? If so, I will use a High Street conveyancing solicitor in Milton Keynes?
On the day of completion you will not be required to go to the conveyancers office in Milton Keynes. Your solicitors will transfer the completion advance to the vendor’s conveyancers, and once they have received this, you should be invited to collect the keys from the property Agents and start moving into the property. Usually this happens early afternoon.
I am expecting a OIP from Aldermore this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Aldermore recommend any Milton Keynes solicitors on the Aldermore conveyancing panel, or is it better to go independently?
You will need to appoint Milton Keynes solicitors independently although you'll need to choose one on the Aldermore conveyancing panel. The solicitor represents both you and Aldermore through the process.
Bank of Ireland have agreed my home loan in principle, my offer on a property in Milton Keynes has been accepted, now what?
Your property agent will want to be informed of your solicitor's details (make sure the solicitors are on the lender’s panel). Telephone Bank of Ireland or the financial adviser and finish off any outstanding documentation. Bank of Ireland will instruct a valuer who will get in contact with the selling agent or seller to schedule a time for the valuation to happen. Once carried out (assuming no problems) it takes on average a week to get a mortgage offer. Bank of Ireland will send the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Milton Keynes.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in last month in what was supposed to be a quick, chain free conveyancing. Milton Keynes is the location of the property. Can you offer any guidance?
Flying freeholds in Milton Keynes are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Milton Keynes you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Milton Keynes may decide 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.
I am thinking of appointing a conveyancing practitioner in Milton Keynes for my house move. Can I review a solicitor's complaints history with the profession’s regulator?
Anyone may review presented Solicitor Regulator Association (SRA) decisions stemming from inquisitions commenced on or after Jan 2008. Go to Check a solicitor's record. To find information about the period before 1 January 2008, or to check a solicitors record, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, dial +44 (0)121 329 6800. The regulator could monitor telephone calls for training purposes.
Our conveyancer in Milton Keynes has discovered a a legal deficiency with the lease for the property we are buying in Milton Keynes. The other side have offered title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer has advised that as he is on the mortgage company conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or the lender?
Just because you have a mortgage offer from the mortgage company does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Milton Keynes conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the lender are the client. These conveyancing instructions must be adhered to by the lender conveyancing panel who has to balance acting for you and the lender