Having been told to check out your company we were about to go ahead with a conveyancing solicitor in Aldeburgh found using your comparison tool but have come across alternative costs illustrations via the web appear cheaper – why is this?
There are lots of conveyancers offering what appear to be extremely cheap conveyancing in Aldeburgh. You should think long and hard as to how important this transaction is to you that you are willing to take 'cheap' risks with regard to the standard of the legal work. Many of them highlight a low quote to grab your attention but bury additional costs in the small print..
Our lawyer has uncovered a defect with the lease for the property we are purchasing in Aldeburgh. The other side have suggested title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancing practitioner says that he must ensure that the lender is happy with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your 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 lender 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.
It is is a decade since I bought my home in Aldeburgh. Conveyancing solicitors have now been appointed on the sale but I can't locate the deeds. Is this a major issue?
Don’t worry too much. First the deeds may be kept by your mortgage company or they could be in the possession of the conveyancers who handled the purchase. Secondly in most cases the title will be recorded at the land registry and you will be able to prove you own the property by your conveyancing solicitors acquiring current official copies of the land registers. The vast majority of conveyancing in Aldeburgh relates to registered property but in the unlikely event that your home is unregistered it adds to the complexity but is not insurmountable.
My husband and I intend to purchase a purpose built apartment in Aldeburgh with a residential mortgage from Yorkshire Building Society.We use our Aldeburgh conveyancing practitioner but Yorkshire Building Society advised that his firm is not listed on their "panel". We have to appoint a Yorkshire Building Society panel firm or keep our high street solicitor and pay for a Yorkshire Building Society panel lawyer to represent them. This seems very unfair; Can we not simply insist that Yorkshire Building Society use our lawyer?
No, not really. The loan offered to you contains terms and conditions, a common one being that solicitors will be on the Yorkshire Building Society conveyancing panel. Until recently, most lenders had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Yorkshire Building Society
When it comes to lenders such as Barclays, do Aldeburgh lawyers incur a yearly amount to be on the conveyancing panel?
We are unaware of any bank fees to register on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
We had selected solicitors located in Aldeburgh on the TSB solicitor approved list. They have just billed me an additional sum for handling the TSB mortgage. Is this an additional conveyancing fee set by TSB?
Provided it is contained in their Terms of Engagement or Quote then yes your conveyancing practitioner may levy a fee for this. This charge is not dictated by TSB but by your Aldeburgh conveyancing practitioner. Numerous firms on the TSB panel will charge an ‘acting for lender’ fee but some firms include it on their overall fee.
Kent Reliance have agreed my home loan in principle, my bid on a flat in Aldeburgh has been accepted, what happens next?
Your property agent will need to know who your solicitors are (make sure the conveyancers are on the bank’s panel). Contact Kent Reliance or the broker and finish off any outstanding forms. Kent Reliance will sellect a valuer who will get in contact with the estate agent or seller to book a slot for the valuation to occur. Once conducted (assuming no problems) it takes approximately a week to get a mortgage offer. Kent Reliance will send the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Aldeburgh.