Our lawyer has uncovered a a legal deficiency with the lease for the flat we are purchasing in Witham. The other side have offered title insurance as a workaround. We are content with insurance and will cover the costs. Our property lawyer has advised that he must be satisfied that the lender 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 risk of a conflict of interest, you and the bank are the client. Your solicitor 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 conveyancer will have no choice but to discontinue acting for you.
Do I need to pay for insurance to address the risk of chancel repairs when acquiring a house in Witham?
Unless a prior acquisition of the property took place post 12 October 2013 you may expect conveyancing practitioners carrying out conveyancing in Witham to remain recommending a chancel search and or insurance against a claim.
I am purchasing a new build house in Witham with the aid of help to buy. The builders refused to move on the amount so I negotiated 6k of additionals instead. The house builders rep advised me not inform my conveyancer about the side-deal as it could impact my mortgage with the bank. Should I keep quiet?.
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.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on last month in what was supposed to be a straight forward, no chain conveyancing. Witham is the location of the property. Can you offer any guidance?
Flying freeholds in Witham are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Witham you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Witham may ascertain 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.
Given that I will soon spend 450k on a two bedroom apartment in Witham I would like to talk to a lawyer about myhome move prior to giving the go ahead to the firm. Can this be arranged?
Absolutely - we would be pleased to talk to you we do not take any clients on without you speaking to the conveyancer who will be doing your property ownership legalities in Witham.There is no ‘factory style conveyancing’ - every client is an important person, not a matter reference. The practices that we put you in touch with believe that the figure you are quoted for your conveyancing in Witham should be the amount on the final invoice that you end up paying.
We are 3 weeks into a residential purchase having been recommend to solicitors by the local agent to carry out the conveyancing in Witham. I am not happy. Could you you assist me in finding new conveyancers?
They would need to be very bad to suggest diss instructing them. Has the mortgage offer been generated? If so you must make them aware of the new contact details and ensure the offer are re-issued. Your new conveyancer needs to be on the banks panel to avoid escalating costs and complications. That should be your first question of the new conveyancers. The search tool can assist you in finding a bank approved lawyer for your home move in Witham