My lawyer has identified a a legal deficiency with the lease for the flat we are buying in Canvey Island. The other side have put forward defective title insurance as a solution. We are happy with insurance and will pay for it. Our property lawyer has advised that he must ensure that the mortgage company is content with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook provisions. 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 conveyancing practitioner will have no choice but to discontinue acting for you.
I had intended to instruct a conveyancing solicitor in Canvey Island for our home move. Our financial adviser has since advised us that our bank Nationwide Building Society won't deal with them. Surely this is unfair competition?
Lenders normally restrict either the type or the number of conveyancing firms on their approved list of lawyers. Typical examples of such restriction(s) being that a law practice must not be a sole practitioner. In addition to restricting the type of firm, a few banks have reduced the amount of firms they allow to represent them. You should note that Nationwide Building Society have no responsibility for the quality of advice provided by any member of Nationwide Building Society Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of solicitor panels a few years ago even though there are mixed opinions about the extent of solicitor engagement in some of that fraud. Statistics from the Land Registry reveal that plenty of law firms, including some in or near Canvey Island only execute a couple conveyances per annum.
five months have gone by since my purchase conveyancing in Canvey Island concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. 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 residence 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 buying a new build house in Canvey Island with the aid of help to buy. The developers refused to move on the price so I negotiated £7000 of extras instead. The sale representative advised me not reveal to my conveyancer about the deal as it could put at risk my loan with the bank. Do I keep my lawyer in the dark?.
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.
Taking into account that I am about to spend 450k on a property in Canvey Island I would like to have a conversation with the conveyancer about myhouse move ahead of appointing the firm. Can this be arranged?
We could not agree more - it is our preference to talk to you we do not take any clients on without you first talking to the conveyancer who will be carrying out your property ownership legalities in Canvey Island.There is no ‘factory style conveyancing’ - every client is an important person, not a file reference. The law firms that we put you in touch with believe that the fees you are provided with for residential conveyancing in Canvey Island should be the figure that you end up paying.