My lawyer has discovered a defect with the lease for the apartment we are purchasing in Llanelli. The other side have put forward defective title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancer says that he must check that the bank is willing to move forward with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the risk of 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 conveyancing practitioner will have no choice but to discontinue acting for you.
I'm the sole recipient of my late father’s will and I have everything in my name now, including the my former home in Llanelli. The Llanelli property was put into my name in June. I want to move. I understand that there is a Mortgage Lenders six month 'rule', which means that my proprietorship could be treated the same way as though I had purchased the house in June. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be impacted by that. How sensible a view mortgage companies take of it, depend on the lender as this clause chiefly exists to identify subsales or the flipping of properties.
Are all Llanelli Conveyancing Quality Solicitors on the Kent Reliance conveyancing list of approved firms?
Some major lenders now make use of the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of firms.
After shopping around on the internet I have found a Llanelli property lawyer having made sure that they are on the Kent Reliance conveyancing panel. Does my lawyer arrange the survey of the property?
Kent Reliance will need an independent valuation of the property. Your lawyer will not arrange this. Usually Kent Reliance will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Llanelli postcode. As you are getting a mortgage with Kent Reliance, you could contact them to see if they have a list of approved surveyors in Llanelli.
The estate agent has sent us the confirmation of our purchase of a new build flat in Llanelli. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Llanelli
If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
Due to the guidance of my in-laws I had a survey completed on a property in Llanelli before retaining solicitors. I have been advised that there is a flying freehold element to the house. My surveyor has said that some mortgage companies tend refuse to give a loan on this type of home.
It varies from the lender to lender. Lloyds has different instructions from Nationwide. If you e-mail us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Llanelli. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Llanelli to see if the conveyancing costs will increase in light of this.
My husband and I have agreed a price on a Llanelli bungalow we inherited some years ago in 2012. I have over twenty years conveyancing knowledge and, although retired, wish to carry out the legal work. The buyer's lawyer has informed me that their bank will not allow us to do our own conveyancing mandating that the funds to be released via a solicitor's bank account.
Mortgage requirements to conveyancers from all CML members specify that If the seller does not have legal representation the buyer’s lawyers should check whether the mortgage company needs to be notified so that a decision can be made as to whether or not they are prepared to progress.