Our lawyer has uncovered a a problem with the lease for the apartment we are buying in Worcester Park. 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 ensure that the mortgage company is content with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your property lawyer 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 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 solicitor will have no choice but to discontinue acting for you.
Me and my brother purchased a 4 bedroom Victorian property in Worcester Park. Conveyancing practitioner represented me and Bank of Ireland. I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, another for leasehold under the matching address. I thought I was buying a freehold how can I check?
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Worcester Park and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the situation with the conveyancing solicitor who carried out the work.
I'm buying my first flat in Worcester Park with a mortgage from Leeds Building Society. The sellers would not budge the price so I negotiated five thousand pounds worth of extras instead. The house builders rep suggested that I not reveal to my conveyancer about the side-deal as it will adversely affect my loan with the lender. 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.
What does commercial conveyancing in Worcester Park cover?
Commercial conveyancing in Worcester Park incorporates a broad array of services, given by qualified solicitors, relating to business property. For example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
I need to instruct a conveyancing solicitor for remortgage conveyancing in Worcester Park. I happened to stumble upon a site which seems to have the perfect answer If there is a chance to get all this stuff completed via web that would be ideal. Do I need to be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
What is the reason for my conveyancing practitioner requiring various items of ID ahead of starting selling or buying a property in Worcester Park?
Worcester Park conveyancers are duty bound by the Law Society, Solicitors Regulation Authority, HM Land Registry and current Money Laundering legislation to certify that the have verified the identity of their clients. It will also be a requirement of your mortgage offer. Furthermore they have to complete various forms, particularly those relating to Land Tax and need to have details such as your full names, NI number and DOB.