My solicitor has identified a a problem with the lease for the property we are purchasing in Stapleton. The seller’s lawyers have suggested title insurance as a solution. We are content with insurance and will pay for it. Our conveyancer has advised that he must ensure that the bank 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 potential for a conflict of interest, you and the lender are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook requirements. 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 conveyancing practitioner will have no choice but to discontinue acting for you.
My lender has suggested a law firm on their panel based in Stapleton but I would rather use a conveyancing lawyer in Stapleton or nearer to where I live. Are you able to help?
The minority of Stapleton conveyancing practitioners are listed all lender’s conveyancing panel. Use our find an approved solicitor tool to choose a Stapleton conveyancing conveyancer on the on the bank panel.
What can a local search tell me concerning the house my wife and I purchasing in Stapleton?
Stapleton conveyancing often commences with the ordering local authority searches directly from your local Authority or via a personal search organisations for instance Onsearch The local search is essential in every Stapleton conveyancing purchase; as long as you don’t want any nasty once you have moved into your new home. The search will reveal data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic headings.
How does conveyancing in Stapleton differ for new build properties?
Most buyers of new build property in Stapleton come to us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is finished. This is because new home sellers in Stapleton typically acquire 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 accustomed to new build conveyancing in Stapleton or who has acted in the same development.
I decided to have a survey done on a property in Stapleton before instructing solicitors. I have been informed that there is a flying freehold overhang to the property. The surveyor advised that some banks may not issue a mortgage on such a home.
It depends who your proposed lender is. Bank of Scotland has different instructions from Birmingham Midshires. Should you wish to call us we can investigate further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Stapleton. Conveyancing will be smoother if you use a solicitor in Stapleton especially if they are acquainted with such properties in Stapleton.
Me and my wife have agreed a price on a Stapleton ground floor flat we inherited ten years ago in 2009. I have over 15 years conveyancing know-how and, although retired, see no reason not to carry out my own legal work. The purchaser's property lawyer has informed me that their bank will not allow us to do our own conveyancing mandating that the funds to be transferred to a solicitor's bank account.
Mortgage requirements to lawyers from all mainstream lenders specify that If the seller does not have legal representation the buyer’s lawyers should check whether the bank needs to be informed so that a decision can be reached if they are prepared to progress.