Just been in touch with my conveyancing solicitor in Derby who completed the legal work two years ago requesting a conveyancing costs illustration based on an identical type of house sale & purchase (a leasehold property and a freehold premises) of almost identical values with a mortgage from Virgin Money. I am now being charged twice the amount. Stick with what I know or should I try and find an alternative property lawyer?
The costs illustration is fractionally on the expensive side. If you shop around you might get the conveyancing a bit cheaper by perhaps £125. That being said, if you were happy with the service the firm offered you couldcome to regret choosing an a cheaper solicitor. If is important to ensure that the firm can act for Virgin Money. Do use our search tool to choose a Derby conveyancing firm on the Virgin Money member panel, which can often include conveyancing solicitors in Derby.
My lawyer has discovered a defect with the lease for the flat we are buying in Derby. The seller’s lawyers have put forward title insurance as a solution. We are content with insurance and will pay for it. Our conveyancing practitioner has advised that he must be satisfied that the bank is content with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook conditions. 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.
I own a freehold residence in Derby but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Derby and has limited impact for conveyancing in Derby but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
I'm purchasing my first flat in Derby with a mortgage from Leeds Building Society. The sellers refused to move on the amount so I negotiated £7000 of extras instead. The estate agent suggested that I not inform my solicitor about this side-deal as it will adversely affect 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.
How straightforward is it to use the search tool to locate a conveyancing lawyer in Derby on the panel for my mortgage?
1st pick a lender such as HSBC Bank, Skipton Building Society or Britannia then type in your preferred area for instance Derby. Conveyancing practices in Derby and beyond should be shown.