My partner and I are buying a newly built duplex in Totnes and my conveyancer is informing me that she is duty bound to the bank to reveal incentives from the seller. The Estate Agents are hassling me to exchange and my preference is not to prolong the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I used Wolstenholmes a few years ago for my conveyancing in Totnes. Now, I need my files but the law firm has closed. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Totnes of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Due to the advice of my in-laws I had a survey completed on a property in Totnes in advance of instructing solicitors. I have been told that there is a flying freehold element to the house. Our surveyor advised that some mortgage companies may refuse to give a loan on such a home.
It varies from the lender to lender. Santander has different instructions from Birmingham Midshires. Should you wish to call us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Totnes. Conveyancing may be slightly more expensive based on your lender's requirements.
We're new on the property ladder - had an offer accepted, but the estate agent has warned us that the vendor will only go ahead if we instruct their chosen solicitors as they are insisting on an ‘expedited deal’. Our preferred option is to instruct a family conveyancer with experience of conveyancing in Totnes
It is highly unlikely the vendors are behind this. Should the seller desire ‘a quick sale', alienating a genuine purchaser is likely to cause more damage than good. Speak to the vendors direct and explain that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you have nothing to sell (d) you wish to move quickly (e)but you are going to instruct your own,trusted Totnes conveyancing lawyers - rather thanthose that will give their negotiator at the agency a referral fee or achieve conveyancing figures demanded by senior management.
Our lawyer in Totnes has identified a a problem with the lease for the apartment we are buying in Totnes. The other side have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our solicitor has advised that as he is on the bank conveyancing panel he must be satisfied that the lender is happy 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 mortgage company are the client. A precondition to being on the mortgage company approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will 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 lawyer will have no choice but to discontinue acting for you.