Our solicitor has discovered a defect with the lease for the flat we are buying in Newhaven. The seller’s lawyers have put forward title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancing practitioner says that he must be satisfied that the mortgage company is happy 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 conditions. 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.
When it comes to lenders such as Bank of Ireland, do Newhaven solicitors face an annual charge to be on the list of approved solicitors?
We are not aware of any mortgage company fees to register on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
Does a directory service exist listing Clydesdale panel conveyancers in Newhaven on the Building Society Association’s Website?
Unfortunately not yet. There is no such tool on the CML or Building Society Association websites. Very few banks make their panel listings visible on the web. If you are seeking to appoint a Newhaven solicitor on the Clydesdale please use our facility.
My husband and I are spending time viewing houses in Newhaven and I am about to put in an offer. Is it premature to have a solicitor in place? I will be getting a mortgage with TSB.
You should start requesting conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the selling agent. Given that you are seeking a mortgage with TSB, make sure you remember to check that your lawyer is on the TSB conveyancing panel.
What does a local search tell me about the property we're buying in Newhaven?
Newhaven conveyancing often starts with the applying for local authority searches directly from your local Authority or via a personal search organisations such as Searchflow The local search plays a central part in many a Newhaven conveyancing purchase; as long as you don’t want any unpleasant surprises after you move into your new home. The search will supply data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject areas.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one close by in Newhaven I like with open areas and railway links in the vicinity, however it only has 51 years unexpired on the lease. I can't really find anything else in Newhaven for this price, so just wondered if I would be making a grave error purchasing a short lease?
If you need a mortgage the remaining unexpired lease term may be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
My father-in-law has suggested that I use his lawyers for conveyancing in Newhaven. Should I find my own conveyancer?
There are no two ways about it the best way to find a conveyancing solicitor is to seek feedback from friends or relatives who have actually experience in using the conveyancer that you are contemplating using.