My solicitor has uncovered a defect with the lease for the apartment we are buying in Bucknall. The seller’s lawyers have put forward defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancer says that he must be satisfied that the mortgage company is willing to move forward with this solution. Who is the client here, us or the bank?
Notwithstanding that you have a mortgage offer from the lender does not mean to say that the property will meet their conditions 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 bank are the client. The appropriate lender provisions have to be complied with.
What can a local search reveal about the property my wife and I purchasing in Bucknall?
Bucknall conveyancing often commences with the ordering local authority searches directly from your local Authority or via a personal search company for example Xpress Legal The local search is essential in every Bucknall conveyancing purchase; that is if you don’t want any nasty surprises after you move into your new home. The search will provide data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject areas.
I decided to have a survey done on a property in Bucknall in advance of instructing lawyers. I have been informed that there is a flying freehold aspect to the property. Our surveyor has said that some banks will refuse to grant a mortgage on such a property.
It varies from the lender to lender. HSBC has different instructions from Halifax. If you call us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Bucknall. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Bucknall to see if the conveyancing costs will increase in light of this.
I have been advised by a few property agents in Bucknall to select a conveyancer on your site. Is there a financial incentive for Estate Agents to market your lawyers ahead of another?
We refuse to give any commission for directing people our way. We found it would be just too difficult to pay a commission because home movers will think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
We're first time buyers - agreed a price, but the estate agent informed us that the seller will only issue a contract if we appoint the agent's chosen lawyers as they need an ‘expedited deal’. We would rather use a local conveyancer who is accustomed to conveyancing in Bucknall
It is highly unlikely the vendors are driving this. Should the seller require ‘a quick sale', turning down a motivated purchaser is going to damage their objectives. Try to communicate with the sellers directly and explain that (a)you are keen to buy (b)you are excited to move forward, with finances arranged © you do not need to sell (d) you intend to proceed fast (e)however you intend to instruct your own,trusted Bucknall conveyancing solicitors - not the ones that will give the negotiator at the agency a kickback or achieve conveyancing targets pre-set by HQ.