My conveyancer has uncovered a a problem with the lease for the flat we are purchasing in Coventry. The seller’s lawyers have suggested defective title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer has advised that he must ensure that the lender is happy with this solution. Who is the client here, us or the mortgage company ?
Regardless of the fact that you have a mortgage offer from the lender does not mean to say that the property will meet their specifications 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 mortgage company are the client. The appropriate lender provisions must be adhered to.
I have an AIP. The bank mentioned the home loan came with free conveyancing. Is the implication that I have to instruct their panel lawyer as I would much rather appoint a Coventry based conveyancing firm?
You should check but the chances are that appoint one of their panel solicitors if you take up the "fee-free" deal. Speak to the bank and see if they offer you a cash alternative. In the past a few lenders offered a £250 cashback as an alternative in which case that money can go towards the cost for your conveyancing solicitor in Coventry.
How easy is it to use your search facility to choose a conveyancing lawyer in Coventry on the panel for my lender?
Step one is to select a bank such as Santander, Chelsea Building Society or Britannia then type in your preferred area such as Coventry. Conveyancing firms in Coventry and beyond should be shown.
We are 3 weeks into a leasehold purchase having been referred to solicitors by the high street agent to do our conveyancing in Coventry. I am am extremely dissatisfied with the quality of service. Can you you assist me in finding new conveyancers?
A conveyancer would have to be very bad in order to consider diss instructing them. Has the mortgage offer been issued? In the event that it has you will need to make them aware of the new contact details and have the offer are issued to the new lawyers. The solicitor ideally should be on the banks panel to avoid supplemental charges and delays. That should be your starting point. The find a solicitor tool can assist you in finding a lender approved lawyer for your conveyancing in Coventry
Our conveyancer in Coventry has discovered a defect with the lease for the flat we are buying in Coventry. The other side have offered defective title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor says that as he is on the mortgage company conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is the bank?
Just because you have a mortgage offer from the bank does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Coventry conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the lender are the client. The appropriate lender requirements have to be complied with by the mortgage company conveyancing panel who has to balance acting for you and the bank