Our conveyancer has discovered a a problem with the lease for the flat we are purchasing in Wormwood Scrubs. The other side have suggested title insurance as a workaround. We are content with insurance and will pay for it. Our lawyer says that he must ensure that the mortgage company is willing to move forward with this solution. Are we the client or is the bank?
Even though you have a mortgage offer from the mortgage company does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the lender are the client. The appropriate lender specifications must be adhered to.
What happens if my lawyer’s firm is suspended from the Yorkshire BS Conveyancing panel ahead of completing my conveyancing in Wormwood Scrubs?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
My wife and I have organised a further advance on our home loan from RBS as we want to conduct renovations to our house in Wormwood Scrubs. Are we obliged to choose a high street Wormwood Scrubs solicitor on the RBS conveyancing panel to deal with the legals?
RBS don't usually instruct a member of their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the RBS conveyancing panel.
It is not clear whether my mortgage offer requires a lease extension. I have called my Wormwood Scrubs bank branch on a couple of occasions and was advised it wasn't an issue and they would lend. My Wormwood Scrubs conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they will not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Your conveyancer must follow the CML Handbook section two conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am selling my apartment. I had a double glazing fitted in January 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Principality are being pedantic. The Wormwood Scrubs solicitor who is on the Principality conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Principality are requiring a building regulation certificate. Why do Principality have a conveyancing panel if they don't accept advice from them?
It is probably the case that Principality have referred the matter to their valuer. The reason why Principality may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I got the keys to my apartment on 6 October and the transaction details are still not registered. Should I be concerned? My conveyancing solicitor in Wormwood Scrubs advises it will be dealt with in less than a month. Are properties in Wormwood Scrubs particularly slow to register?
As far as conveyancing in Wormwood Scrubs is concerned, registration is no quicker or slower than anywhere else in England and Wales. As opposed to being determined by geographic area, timeframes can adjust depending on who lodges the application, whether it is in order and if the Land registry have to notify any third parties. Currently roughly 80% of submission are fully addressed within two weeks but some can be subject to longer delays. Registration occurs once the purchaser has moved in to the premises so an expedited registration is not typically top priority but if it is urgent that the the registration takes place urgently then you or your lawyers can speak with the land registry and explain the circumstances.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on a fortnight ago in what should have been a simple, chain free conveyancing. Wormwood Scrubs is where the house is located. Can you shed any light on this issue?
Flying freeholds in Wormwood Scrubs are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wormwood Scrubs you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wormwood Scrubs 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 premises.
I’m about to sell my 2 bed flat in Wormwood Scrubs.Conveyancing solicitors are to be appointed soon however I have just received a half-yearly service charge demand – should I leave it to the buyer to sort out?
It best that you pay the invoice as you normally would because all rents and service invoices should be apportionedon completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially