My conveyancer has identified a a problem with the lease for the flat we are purchasing in Ruislip. The seller’s lawyers have put forward defective title insurance as a workaround. We are happy with insurance and will pay for it. Our property lawyer has advised that he must ensure that the bank is willing to move forward with this solution. Are we the client or is the lender?
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 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 mortgage company 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.
Having sold my house in Ruislip last May but my buyer keeps whats apping every few hours complaining that her lawyer needs to hear from mylawyer. What are the post completion sale formalities now that I have sold?
Following your house sale your solicitor is obliged to forward the transfer deeds and all additional paperwork to the purchaser's lawyers. Where appropriate, your lawyer should also confirm that the mortgage has been paid off to the purchasers solicitors. There is unlikely to be post completion formalities specific conveyancing in Ruislip.
I am thinking of refinancing my apartment in Ruislip, does my lawyer have to be on the Nottingham Conveyancing panel?
There is nothing to stop you using your solicitor, but Nottingham will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Due to the encouragement of my in-laws I had a survey completed on a house in Ruislip before retaining conveyancers. I have been informed that there is a flying freehold element to the house. Our surveyor has said that some lenders tend refuse to give a mortgage on a flying freehold property.
It varies from the lender to lender. HSBC has different requirements from Nationwide. Should you wish to call us we can investigate further with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Ruislip. Conveyancing may be slightly more expensive based on your lender's requirements.
Am I right to be suspicious by brokers that I am dealing with are suggesting a nationwide conveyancing firm as opposed to a local Ruislip conveyancing practice?
As with many professional services, often suggestions from connections can be extremely useful or valuable. Yet there are many players in a conveyancing transaction; estate agents, mortgage brokers and banks may recommend solicitors to appoint. On occasion these solicitors might be known to one of the organisations as one of the best in their field, but sometimes there is an underlying commercial relationship behind the endorsement. You have the discretion to select your preferred conveyancer. You need to be aware that some mortgage providers have an approved list of lawyers you are obliged to use for the lender related work in your transaction.
What is the average legal costs for conveyancing in Ruislip?
The average cost in 2014 for conveyancing in Ruislip was just under one thousand five hundred pounds not including SDLT and Land Registry charges.