My lawyer has discovered a a problem with the lease for the property we are buying in Kendal. The other side have suggested defective title insurance as a solution. We are happy with insurance and will pay for it. Our property lawyer says that he must check that the bank is content with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company 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 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.
I am buying a flat and need a conveyancing solicitor in Kendal who is on the Barclays Direct approved. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Barclays Direct in certain locations such as Kendal. We dont recommend any particular firm.
Are there restrictive covenants that are commonly identified as part of conveyancing in Kendal?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Kendal. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Kendal differ for new build properties?
Most buyers of new build premises in Kendal approach us having been asked by the builder to exchange contracts and commit to the purchase even before the house is completed. This is because developers in Kendal tend to acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Kendal or who has acted in the same development.
My wife and I are acquiring a studio flat in Kendal. When we first instructed property lawyer, they told us that they were on all mainstream bank panels. The financial adviser called just now to say that they are not on the Principality approved list. If it turns out to be true, what should we do? Do we simply choose a new conveyancer that is on their panel or should we cover the costs for separate representation, with Principality appointing their own preferred lawyer.
Where you are purchasing a property requiring a mortgage it is standard for the purchaser’s solicitors to also act for the mortgage company. In order to act for a bank or building society a property lawyer has to be on that lender's list of approved lawyers. An application has to be made by the lawyer to the lender to become a member of the lender's panel and there are increasingly strict conditions which the solicitor has to fulfill. Some mortgage companies now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your lawyer should contact Principality to find out if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on Principality's conveyancing panel and you may continue to use your own Kendal solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.