My solicitor has uncovered a a problem with the lease for the apartment we are buying in West Hendon. The other side have offered defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancer says that he must ensure that the mortgage company is willing to move forward with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender 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 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.
Why do I have to pay up front for conveyancing in West Hendon?
Where you are retaining lawyers for conveyancing in West Hendon your solicitor will ask you put them with monies to cover the search fees. This will be the total of the cost of the conveyancing searches. If any down payment is payable against the purchase price then this will be required shortly before exchange of contracts. Any further balance that is needed should be transferred a few days ahead of the completion date.
My husband and I wish to acquire a 2 bedroom flat in West Hendon with a mortgage from Accord Mortgages Ltd.We would like to retain our West Hendon conveyancing solicitor but Accord Mortgages Ltd informed us her practice is not on their "panel". we are left little option but to use a Accord Mortgages Ltd panel solicitor or keep our preferred solicitor and fork out for a Accord Mortgages Ltd panel lawyer to act for them. This seems very unfair; Can we not simply insist that Accord Mortgages Ltd use our lawyer?
Unfortunately,no. The loan offered to you is subject to its terms and conditions, one of which will be that conveyancers will be on the Accord Mortgages Ltd solicitor panel. Until recently, most banks had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Accord Mortgages Ltd
Should our solicitor be raising questions about flooding during the conveyancing in West Hendon.
The risk of flooding is if increasing concern for solicitors dealing with homes in West Hendon. There are those who acquire a property in West Hendon, completely expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or dispose of the property. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Conveyancers are not qualified to impart advice on flood risk, however there are a number of checks that may be undertaken by the buyer or by their conveyancers which will give them a better appreciation of the risks in West Hendon. The standard information given to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the vendor to find out if the property has historically flooded. In the event that the residence has been flooded in past and is not revealed by the seller, then a buyer may bring a compensation claim resulting from an inaccurate answer. The purchaser’s conveyancers will also commission an enviro report. This should reveal if there is any known flood risk. If so, further inquiries should be carried out.
I am looking into buying my first house which is in West Hendon and I am already nervous. I couldn't find anything specific about West Hendon. Conveyancing will be needed in due course but do you know about the West Hendon area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at West Hendon. In the meantime here are some basic statistics that we found
I am using a search engine for the term on line conveyancing in West Hendon it shows results of numerous solicitorsin the area. With so much choice what is the best way to find the right conveyancing solicitor for the sale of my house?
The ideal method of finding a suitable conveyancer is through a trusted testimonial, so enquire of friends and those you trust who have bought a property in West Hendon or the local estate agent or mortgage broker. Charges for conveyancing in West Hendon vary, so it's advisable to secure a minimum of three costs illustrations from different solicitors. Make sure that you clarify that the costs are guaranteed not to increase.