Our solicitor has uncovered a a legal deficiency with the lease for the apartment we are purchasing in Shotley Bridge. The other side have offered defective title insurance as a solution. We are content with insurance and will cover the costs. Our property lawyer has advised that he must check that the bank is willing to move forward with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook provisions. 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.
My wife and I are close to exchanging contracts on the sale of our home in Shotley Bridge and according to the buyers it appears that there is a risk of it being constructed land that was not decontaminated. A high street Shotley Bridge conveyancer would know this is not the case. For the life of me I don't know why the purchasers used a nationwide conveyancing firm as opposed to a conveyancing solicitor in Shotley Bridge. Having lived in Shotley Bridge for 5 years we know of no issue. Should we get in touch with our local Authority to obtain clarification need.
It would appear that you have a conveyancing solicitor already. Are they able to advise? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
I am purchasing my first flat in Shotley Bridge with a mortgage from Leeds Building Society. The developers refused to budge the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative suggested that I not inform my solicitor about this deal as it will affect my loan with Leeds Building Society. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I opted to have a survey carried out on a house in Shotley Bridge ahead of retaining solicitors. I have been told that there is a flying freehold element to the house. My surveyor advised that some mortgage companies tend refuse to issue a mortgage on this type of premises.
It varies from the lender to lender. HSBC has different requirements from Birmingham Midshires. Should you wish to telephone us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Shotley Bridge. Conveyancing may be slightly more expensive based on your lender's requirements.
We're first time buyers - had an offer accepted, but the agent advised that the seller will only proceed if we instruct their preferred lawyers as they need a ‘quick sale’. Our preferred option is to instruct a high street conveyancer accustomed to conveyancing in Shotley Bridge
We suspect that the seller is unaware of this request. Should the owner desire ‘a quick sale', alienating a genuine buyer is likely to cause more damage than good. Speak to the vendors direct and explain that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)but you will continue to appoint your preferred Shotley Bridge conveyancing firm - as opposed tothose that will earn their estate agent a commission or achieve conveyancing figures demanded by corporate headquarters.
I see that you have a post code search directory listing law firms on the bank conveyancing panel. Do Shotley Bridge conveyancing companies pay you a referral fee if I retain them for my own house purchase?
We are a listing service only for law firms wishing to communicate if they are on the lender conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint for your conveyancing in Shotley Bridge.