My lawyer has identified a a problem with the lease for the apartment we are purchasing in Coxhoe. The other side have offered defective title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancer says that he must check that the lender is content with this solution. Who is the client here, us or the bank?
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 conveyancer must comply with the UK Finance Lenders’ Handbook requirements. 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.
What happens if my lawyer’s firm is removed from the UBS Conveyancing panel ahead of completing my conveyancing in Coxhoe?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I am purchasing my first flat in Coxhoe with a loan from Nationwide Building Society. The developers refused to budge the price so I negotiated 6k of additionals instead. The property agent told me not inform my conveyancer about this extras as it would put at risk my mortgage with the bank. Is this normal?.
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.
My business partner and I are intending to take over a lease of a shop on a shopping parade. Can you recommend lawyers offering competitive costs for commercial conveyancing in Coxhoe for under £1,200?
We are happy to recommend firms who host a wealth of experience of commercial conveyancing in Coxhoe, including the disposal and acquisition of businesses as well as simply premises. Whether you are looking to buy or lease a shop, pub, restaurant, office, retail premises or a whole business we can put you in touch with the right firm. As for the fees this will depend on the structure and terms of the deal. Please provide us with your contact information or email so as to enable us to provide you with a fixed commercial conveyancing calculation.
We had our mortgage agreed in principle on Tuesday with our lender. We have retained a high street conveyancer in Coxhoe last week. This morning, our broker contacted us saying that the bank said that we cannot use our solicitor as they aren't on their 'approved list'. As FTB's, we did not have a clue that the lender had a say Is this permitted?
You are at liberty to use any conveyencer you prefer to select including the said conveyancer in Coxhoe but if your bank aren't happy with them you will have to fork out additional cost so the mortgage company can retain their own conveyancer too. It may be possible your preferred conveyancing firm to get added to the lender panel. Do make the most of online tools including lenderpanel.com to find a conveyancing solcitor in Coxhoe on the bank panel. You can go into your local bank branch in Coxhoe. They will know some good conveyancing solicitors in Coxhoe on the panel for your mortgage company.