Our lawyer has discovered a defect with the lease for the property we are purchasing in Warfield. The other side have suggested title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer says that he must ensure that the bank is happy with this solution. Who is the client here, us or the lender?
Notwithstanding that you have a mortgage offer from the lender does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the mortgage company are the client. The appropriate lender provisions must be adhered to.
I am selling my home in Warfield. Does my solicitor have to be on the Lloyds conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Lloyds conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
Have purchased a a terraced house in Warfield , What is the estimated time for the Land Registry to deal with the formalities evidencing my ownership? My Warfield conveyancing solicitor has been painfully slow, so I want to be certain the land registry aspects are addressed.
As far as conveyancing in Warfield is concerned, registration is no quicker or slower than the rest of the country. As opposed to being determined by geographic area, timescales can differ according to the party submitting the application, whether there are errors and if the Land registry communicate with any interested persons or bodies. At present approximately three quarters of such applications are completed within 12 days but some can be subject to longer delays. Registration takes place once the new owner has moved in to the premises thus 'speed' is not typically top priority but if there is a degree of urgency associated with the registration then you or your solicitor must speak with the land registry and explain the circumstances.
Due to the encouragement of my in-laws I had a survey completed on a property in Warfield in advance of instructing lawyers. I have been advised that there is a flying freehold aspect to the property. Our surveyor advised that some mortgage companies may refuse to give a loan on this type of house.
It depends who your proposed lender is. Bank of Scotland has different instructions from Halifax. If you contact us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Warfield. Conveyancing may be slightly more expensive based on your lender's requirements.
My step-father has recommend that I use his conveyancing solicitors in Warfield. Should I use them?
Much as we are happy to recommend a Warfield conveyancing lawyer it’s preferable to select a conveyancing solicitor is to get feedback from friends or relatives who have used the firm you're are thinking of instructing.
My wife and I have instructed a Warfield conveyancing solicitor for our house purchase (FTB’s) and have spotted in the engagement letter that they are not governed by the Financial Conduct Authority. Should I be concerned or is that the norm with lawyer?
We can't see why they should be. Most lawyer don't lend money. You should check that they are regulated by the SRA, who have strict obligations in place on funds deposited on client account.