Our solicitor has identified a a problem with the lease for the property we are buying in Eccleston. The other side have suggested defective title insurance as a workaround. We are content with insurance and will cover the costs. Our lawyer has advised that he must check that the lender is willing to move forward with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your property lawyer 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 conveyancer will have no choice but to discontinue acting for you.
We note that you have a search directory identifying solicitors on the UBS conveyancing panel. Do firms pay you a referral fee if I instruct them for our own conveyancing in Eccleston?
We are a listing service only for law firms wishing to communicate if they are on the UBS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Eccleston.
We're in Eccleston, First timers buying with a mortgage (lender is Nottingham , and our solicitor is on the Nottingham conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nottingham conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I have been on the look out for a flat up to £195,000 and identified one close by in Eccleston I like with open areas and station in the vicinity, the downside is that it's only got 51 remaining years left on the lease. There is not much else in Eccleston suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a home loan the shortness of the lease will likely be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
What should I expect to pay for conveyancing in Eccleston?
The amount you are levied for Eccleston conveyancing charges are likely to be calculated at:
- a set charge; or
- on a time spent basis (i.e. the time spent on the particular case).
These days very few Eccleston conveyancing solicitors invoice by the clock