Our conveyancer has uncovered a a problem with the lease for the apartment we are purchasing in Penrith. The other side have suggested title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancing practitioner says that he must be satisfied that the bank is content with this solution. Who is the client here, us or the bank?
Regardless of the fact that you have a mortgage offer from the lender does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the mortgage company are the client. The appropriate lender specifications must be adhered to.
Can your site be used to locate a Conveyancing solicitor in Penrith even where I’m not buying or disposing of a house, for instance where I intend to buy an office in Penrith with a mortgage from Norwich and Peterborough Building Society?
Our comparison service is primarily there to get a quote from domestic conveyancing solicitors in Penrith but we have set out towards the end of this page a few Penrith commercial conveyancing firms. You will need to make contact with the solicitors directly to check if they can also act for Norwich and Peterborough Building Society
I have been told that property searches are a common reason for stalling in Penrith house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) released conclusions of a review by MoveWithUs that conveyancing searches do not feature within the top 10 causes of delays during the legal transfer of property. Local searches are not likely to be the root cause of slowing down conveyancing in Penrith.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Penrith. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below is a sample of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Penrith
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. There must be mutual enforceability of lessee’s covenants. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
We are 17 days into a freehold purchase having been directed to solicitors by the local agent to do our conveyancing in Penrith. I am not happy. Could you help me find new conveyancers?
A lawyer would need to be really poor in order to consider diss instructing them. Has the mortgage been sent? If so you must make them aware of the new lawyer and have the offer are re-sent. Your new conveyancer needs to be on the mortgage company panel to avoid escalating charges and complications. So that should be your starting point. The find a solicitor tool can help you find a bank approved solicitor for your conveyancing in Penrith
My 20yr old son is embarking on her first house purchase, he had his mortgage in principle. After the offer was accepted on house we rang the mortgage company to go forward with his. I was disappointed to learn that mortgage companies do not accept all conveyancing practitioner, they must be on their panel, is this right?
Banks ordinarily restrict either the type or the number of conveyancing solicitors on their panel. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Penrith lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Probably not.