Our conveyancer has identified a defect with the lease for the property we are purchasing in Margate. The other side have put forward title insurance as a workaround. We are content 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 bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your property lawyer 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 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.
In what way does my ID and proof of funds have anything to do with my conveyancing in Margate? Is this really warranted?
In order to comply with Money Laundering Regulations any Margate conveyancing firm will require evidence of your identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility bill showing your correct address.
Under Money Laundering Regulations, property lawyers are required to investigate not only the identity of conveyancing clients but also the origin of monies that they receive in respect of any matter. Refusal to disclose this will lead to your solicitor terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to notify the relevant authorities should they consider that any amounts received by them may contravene the Money Laundering Regulations.
The deeds to my home are lost. The conveyancers who conducted the conveyancing in Margate 4 years ago are no longer around. What are my next steps?
Assuming you have a registered title the information relating to your ownership will be recorded by HMLR under a Title Number. It is possible to conduct a search at the Land Registry, identify your property and order current copies of the property title for less than a fiver. Where the title is Leasehold then the Land Registry will also normally hold a certified duplicate of the Registered Lease and again, a copy can be obtained for a small fee.
Are there any apps to help identify a Margate solicitor on the The Royal Bank of Scotland conveyancing panel? I have wheels and am willing to travel upto 20kilometers to meet the conveyancer.
You can use the facility on this page. Please pick a bank and your location and you will see a number of Margate conveyancing lawyers based on proximity. We have detailed some Margate conveyancing firms towards the end of this page and you can call them to check if they are on the The Royal Bank of Scotland approved list
I am short of a 10% deposit on my flat purchase in Margate , but I am keen exchange. What can I do?
One option is to try and agree a lesser deposit. Many vendors will agree to a lesser deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last moment