Our lawyer has discovered a defect with the lease for the flat we are buying in Canford Cliffs. The seller’s lawyers have offered title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer has advised that he must be satisfied that the lender is willing to move forward with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your conveyancer 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 mortgage company 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.
What is the first thing I need to know concerning purchase conveyancing in Canford Cliffs?
You may not hear this from too many lawyers but conveyancing in Canford Cliffs or throughout England and Wales is an adversarial experience. In other words, when it comes to conveyancing there exists lots of opportunity for confrontation between you and others involved in the ownership transfer. For example, the vendor, estate agent and sometimes the bank. Appointing a law firm for your conveyancing in Canford Cliffs should not be taken lightly as your conveyancer is your adviser, and is the ONE person in the transaction whose interest is to act in your best interests and to protect you.
We are witnessing a worrying ongoing adversarial element to conveyancing- someone has to be blamed for the process taking so long. We recommend that you must always trust your lawyer ahead of the other players when it comes to the legal transfer of property.
We are buying a property in Canford Cliffs. It might be a silly question but how we can trust a lawyer? On completion day we have to send funds into their account. What is the protection we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
My wife and I purchasing a 3 bedroom semi in Canford Cliffs. We would like to convert the garage to a playroom at the house.Will the conveyancing process include enquiries to ascertain if these works are permitted?
Your conveyancer will check the deeds as conveyancing in Canford Cliffs will on occasion reveal restrictions in the title documents which restrict categories of alterations or need the consent of a 3rd party. Many extensions need local authority planning permissions and approval in compliance with building regulations. Certain areas are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. It would be sensible to check these things with a surveyor prior to committing yourself to a purchase.
I have a mortgage with Nationwide for my property in Canford Cliffs. Conveyancing has been completed months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Nationwide?
You must advise Nationwide prior to renting your property as this is likely to be a breach of Nationwide’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nationwide directly. You need not do this via a Nationwide conveyancing panel lawyer.
4 months have elapsed since my purchase conveyancing in Canford Cliffs concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm purchasing my first flat in Canford Cliffs with a loan from Chelsea Building Society. The developers refused to reduce the price so I negotiated 6k of additionals instead. The house builders rep told me not reveal to my solicitor about the extras as it would affect my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.