My lawyer has identified a a problem with the lease for the apartment we are purchasing in Pudsey. The seller’s lawyers have put forward title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer says that he must check that the lender is content with this solution. Are we the client or is the lender?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the lender are the client. These conveyancing instructions have to be complied with.
I had intended to instruct a conveyancing solicitor in Pudsey for our house purchase. Our broker informed us that our mortgage lenders Norwich and Peterborough Building Society won't deal with them. Surely this is unduly restrictive?
Before the recession most mortgage companies had a different appetite for risk. Almost all Pudsey conveyancing firms would have been on most mortgage company panels. The Financial Services Authority in 2010 conducted a thematic investigation into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more data from law firms relating to their operations and the individuals who work for them and establishing certain criteria such a completing on a minimum number of conveyancing. Many Pudsey conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Pudsey is amongst the hundreds of locations where the solicitors showing on our search results are on the panel for Norwich and Peterborough Building Society.
Can you help - my lawyer says that absentee landlord insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Pudsey?
The appropriate level of absentee landlord indemnity insurance depends on your lender. It would differ for example between Barclays and Bank of Scotland. Conveyancing solicitors as opposed to members of the public take out such policies.
My wife and I have organised a further advance on our home loan from UBS as we intend to conduct a loft conversion to our property in Pudsey. Are we obliged to appoint a nearby Pudsey solicitor on the UBS conveyancing panel to deal with the paperwork?
UBS do not ordinarily require a member of their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the UBS list.
Two weeks ago we had a mortgage agreed in principle with Nationwide. Pudsey conveyancing lawyers have been chosen. How long does it take for Nationwide to forward the offer to the conveyancing practitioner?
Some lenders take longer than others. Have Nationwide completed the survey? Have you advised Nationwide as to your lawyers' details and checked that your lawyers are on the Nationwide conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Me and my brother own a semi-detached Edwardian house in Pudsey. Conveyancing solicitor represented me and Aldermore. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, the second leasehold with the exact same property. If a house is not a freehold shouldn't I have been informed?
You should review the Freehold register you have again and check the Charges Register as there may be 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 Pudsey 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 enquire as to the position with the conveyancing practitioner who conducted the conveyancing.
I am purchasing my first flat in Pudsey with a mortgage from Skipton Building Society. The builders refused to reduce the price so I negotiated 6k of extras instead. The property agent suggested that I not reveal to my solicitor about the extras as it may impact my loan with Skipton Building Society. Is this normal?.
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.