Our lawyer has uncovered a a problem with the lease for the flat we are buying in Marston Moretaine. The seller’s lawyers have offered title insurance as a solution. We are content with insurance and will pay for it. Our conveyancing practitioner says that he must check that the mortgage company is content with this solution. Who is the client here, us or 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 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 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 conveyancer will have no choice but to discontinue acting for you.
Will my conveyancing lawyers need to check that the building insurance for my purchase of a house in Marston Moretaine. My lender is Bank of Ireland
Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 12/2/2024, the requirements read as follows :
Are there restrictive covenants that are commonly identified during conveyancing in Marston Moretaine?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Marston Moretaine. 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…’
I'm purchasing a new build house in Marston Moretaine with the aid of help to buy. The developers refused to move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative suggested that I not inform my conveyancer about the side-deal as it would adversely affect my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Am I right to be suspicious by brokers that I am dealing with are suggesting a nationwide conveyancing firm rather than a High Street Marston Moretaine conveyancing firm?
As is the case with lots of service providers, often suggestions from connections can be most helpful. Nevertheless there are many players in a conveyancing deal; estate agents, mortgage brokers and lenders might all recommend solicitors to retain. Sometimes these lawyers might be known to one of the organisations as being good in their field, but occasionally there behind the scenes commercial relationship behind the recommendation. You have the right to appoint your preferred lawyer. Don't forget that some mortgage providers specify a panel list of conveyancers you must use for the lender aspect of your transaction.