My solicitor has identified a defect with the lease for the property we are buying in Morecambe. The other side have suggested title insurance as a solution. We are content with insurance and will pay for it. Our lawyer says that he must ensure that the bank is willing to move forward with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender are the client. Your conveyancer 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 property lawyer will have no choice but to discontinue acting for you.
I am considering applying for a Aldermore mortgage for purchase of a newly converted (under development) in Morecambe with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Aldermore ?
There is nothing to stop you using your solicitor, but Aldermore will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
I happen to be the single beneficiary of my late mum's estate and I have everything in my name alone, including the house in Morecambe. The Morecambe property was put into my name in January. I now wish to sell up. I understand that there is a Mortgage Lenders six month 'rule', which means that my proprietorship may be treated the same way as though I had purchased the house in January. Is the property unsalable for six months?
The CML handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be impacted by that. How practical a view lenders take of it, depend on the mortgage company as this obligation is principally there to capture subsales or the quick reselling of property.
We previously instructed solicitors with offices in Morecambe on the Bank of Ireland solicitor panel. They are now charging me an additional sum for handling the Bank of Ireland mortgage. Is this a supplemental conveyancing fee specified by Bank of Ireland?
Unfortunately, as long as it is in their Terms of Engagement or estimate then yes your property lawyer can charge a fee for this. The charge is not dictated by Bank of Ireland but by your Morecambe solicitor. Numerous firms on the Bank of Ireland panel will levy an ‘acting for lender’ fee but some practices incorporate it on their overall fee.
After months of negotiation I have agreed a price on a house in Morecambe. My financial adviser pressured me to appoint their solicitor. I paid an upfront payment of £200. A few days later, the conveyancer called me sheepishly admitting that they were not on the Bank of Ireland conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Bank of Ireland panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
What can a local search inform me about the house my wife and I buying in Morecambe?
Morecambe conveyancing often commences with the applying for local authority searches directly from your local Authority or through a personal search company for example Searches UK The local search is essential in every Morecambe conveyancing purchase; that is if you don’t want any unpleasant surprises after you move into your property. The search will supply information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject sections.
In surfing the world wide web for the words cheap conveyancing in Morecambe it reveals numerous solicitorsin the vicinity. How do I determine which is the suitable solicitor for me?
The best way of seeking the right conveyancer is through a trusted testimonial, so seek the counsel of friends and relatives who have purchased a property in Morecambe or the reputable estate agent or financial adviser. Fees for conveyancing in Morecambe differ, so it's advisable to secure a minimum of four costs illustrations from varying types of property lawyers. Make sure that you clarify what costs in the quote includes.
My parents are experiencing difficulties in finding their Morecambe property on the HM Land Registry site. They recall that back in the 60’s when they acquired the bungalow there were complications concerning the post code not being recognised in some systems.
Nearly all properties in Morecambe should be revealed. Have you attempted a search to simply the postcode. Usually it will disclose all the properties inside that postcode. Where registered it will show up with a title number. Where they bought back in the 70’s it's conceivable it may be unregistered. The address might still be revealed but with the title number identified as 'na'. In this scenario you will need to track down the original title papers which could be with your parent’s bank.