Our lawyer has identified a a legal deficiency with the lease for the property we are buying in Quorn. The seller’s lawyers have put forward title insurance as a solution. We are content with insurance and will pay for it. Our property lawyer has advised that he must be satisfied that the mortgage company is willing to move forward with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your conveyancing practitioner 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 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 lawyer will have no choice but to discontinue acting for you.
My fiance and I are purchasing a newbuild flat in Quorn with a homeloan from Barclays Direct.We like our Quorn conveyancing solicitor but Barclays Direct advised that her practice is not on their "panel". It seems we are left with little choice but to instruct a Barclays Direct panel lawyer or keep our local solicitor and fork out for a Barclays Direct panel lawyer to act for them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The loan issued to you is subject to its various provisions, one of which will be that solicitors needs to be on the Barclays Direct approved list. Until recently, most banks had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Barclays Direct
Various web forums that I have come across warn that are the main reason for hinderance in Quorn house deals. Is this right?
The Council of Property Search Organisations (CoPSO) published findings of research by MoveWithUs that conveyancing searches do not figure within the most frequent causes of hindrances during the legal transfer of property. Searches are unlikely to feature in any delay in conveyancing in Quorn.
How does conveyancing in Quorn differ for newly converted properties?
Most buyers of new build premises in Quorn contact us having been asked by the seller to sign contracts and commit to the purchase even before the property is built. This is because house builders in Quorn usually purchase the site, 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 property lawyers 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 used to new build conveyancing in Quorn or who has acted in the same development.
I need to instruct a conveyancing practitioner in Quorn for my house move. Is it possible to see a firm’s record with the legal regulator?
One can review published Solicitor Regulator Association (SRA) decisions arising from inquisitions started on or after 1 January 2008. Visit Check a solicitor's record. To find details Pre 2008, or to check a firm's history, phone 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 may recorded telephone calls for training purposes.
What are your top tips when it comes to appointing a Quorn conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Quorn conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Quorn conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be helpful:
What are the costs for lease extension work?
Quorn Conveyancing for Leasehold Flats - Examples of Queries before buying
You should want to find out as much as you can about the managing agents as they will impact your use and enjoyment of the property. As the proprietor of a leasehold property you are often at the mercy of the managing agents from a financial perspective and when it comes to every day issues such as the cleanliness of the communal areas. You should not be afraid to ask other people if they are happy with them. Finally, investigate as to the dates that the maintenance charges are due to the relevant party and specifically what it includes. How many of the leaseholders are in arrears for their service charge payments? It would be wise to investigate if the the lease includes any unreasonable restrictions in the lease. For instance it is fairly common in Quorn leases that pets are not permitted in in a block in Quorn. If you love the flatin Quorn however your dog is not allowed to move with you then you have a very hard choice.