Our conveyancer has discovered a a problem with the lease for the property we are purchasing in Sydenham. The seller’s lawyers have offered defective title insurance as a solution. We are happy with insurance and will pay for it. Our lawyer has advised that he must be satisfied that the mortgage company is happy with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your lawyer 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 lender 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.
We are expecting a mortgage offer soon. The lender mentioned the home loan came with free conveyancing. Is the implication that I have to instruct their panel lawyer as I would much rather use a Sydenham based conveyancing firm?
You should check but the the probability is that give you one of their panel lawyers should you take up the "fee-free" offer. Call the bank to ask if they allow a monetary alternative. Some mortgage companies have previously offered a £250 cashback as an alternative in which case you could put that amount towards the cost for your conveyancing solicitor in Sydenham.
I am purchasing my first flat in Sydenham with a mortgage from Barclays Direct. The builders would not budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent advised me not to tell my solicitor about this side-deal as it would put at risk my loan with Barclays Direct. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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've recently found out that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a simple, chain free conveyancing. Sydenham is the location of the property. Can you shed any light on this issue?
Flying freeholds in Sydenham are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Sydenham you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Sydenham may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Is there anything unique about your site and alternative online quote calculators for conveyancing in Sydenham?
At this site get a fixed fee costs illustration via a Solicitor or Licensed Conveyancer that has a full understanding of the issues of your conveyancing in Sydenham. As opposed to estate agents and brokerage sites we do not have commission arrangements with solicitors. Many agents and online brokers 'recommend' the firm who pay the highest commission, as opposed to the best value conveyancing in Sydenham
My brother has recommend that I appoint his lawyers for conveyancing in Sydenham. Should I use them?
No doubt the best way to select a conveyancing solicitor is to have recommendations from friends or relatives who have actually used the conveyancer that you are are thinking of instructing.