My solicitor has identified a a legal deficiency with the lease for the property we are buying in New Cross. The seller’s lawyers have offered title insurance as a solution. We are content with insurance and will cover the costs. Our solicitor has advised that he must be satisfied that the lender is content with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank 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.
In what way does my ID and proof of funds have anything to do with my conveyancing in New Cross? Why is this being asked of me?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to check the ID of the person or body they are dealing with before they can accept their conveyancing instruction. The Terms and Conditions that you are required to sign will no doubt stipulate this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Should you are unwilling to provide ID verification documents, your solicitor would not be able to accept instructions from you.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in New Cross?
Two types of professional can do conveyancing in New Cross namely CLC regulated conveyancers or solicitors. The two can administer the legal services that required to complete the sale or acquisition of property. They are both required to execute New Cross conveyancing to the same quality and guidelines so you can be safe in the knowledge that your conveyancing will be professionally conducted and that the requisite steps should be suitably adhered to.
I happen to be the sole recipient of my late mum's will and I have everything in my name alone, including the house in New Cross. The New Cross property was put into my name in February. I want to move. I understand that there is a CML six month 'rule', which means that my proprietorship could be treated the same way as if I'd bought the property in February. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook instructs 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 could be impacted by that. How sensible a view mortgage companies take of it, depend on the bank as this clause is primarily there to capture the purchase and immediately sell or the flipping of property.
Can I be sure that the New Cross conveyancing solicitor on the Co-operative panel is any good?
When it comes to conveyancing in New Cross obtaining recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advise that you speak with the lawyer handling your transaction.
Are there restrictive covenants that are commonly identified during conveyancing in New Cross?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in New Cross. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in New Cross differ for newly converted properties?
Most buyers of new build residence in New Cross come to us having been asked by the seller to sign contracts and commit to the purchase even before the residence is ready to move into. This is because builders in New Cross tend to purchase the land, 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 conveyancers 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 accustomed to new build conveyancing in New Cross or who has acted in the same development.
Am I right to be suspicious that estate agents that I am dealing with are recommending a national conveyancing firm as opposed to a local New Cross conveyancing company?
As is the case with lots of service providers, often referrals from relatives can be worth their weight in gold. Nevertheless there are numerous players in a conveyancing matter; estate agents, mortgage brokers and banks might all recommend solicitors to choose. On occasion these solicitors might be known to one of the organisations as experts in their field, but sometimes there exists a financial incentive behind the endorsement. You have the right to choose your own lawyer. You need to be aware that most banks have an approved list of solicitors you are obliged to use for the lender aspect of your home move.