My lawyer has identified a a legal deficiency with the lease for the flat we are purchasing in North West London. The seller’s lawyers have offered defective title insurance as a solution. We are happy with insurance and will pay for it. Our property lawyer has advised that he must ensure that the lender is content 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 mortgage company are the client. Your conveyancing practitioner 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 solicitor will have no choice but to discontinue acting for you.
We note that you have a post code search directory identifying law firms on the Kent Reliance conveyancing panel. Do firms pay you a referral fee if I instruct them for our own conveyancing in North West London?
We are a listing service only for law firms wishing to communicate if they are on the Kent Reliance conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in North West London.
Are the BSA planning on creating a search tool with a view to to identify firms on the Coventry BS conveyancing panel for instance in North West London?
Lexsure has not been advised of any intention on the part of the BSA to promote such a tool.
I have a renovated Edwardian house in North West London. Conveyancing solicitor acted for me and Bank of Scotland. I did a free Land Registry search last week and there are a couple of entries: one for freehold, the second leasehold with the matching property. If a house is not a freehold shouldn't I have been informed?
You need to read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in North West London and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the situation with your conveyancing lawyer who conducted the purchase.
We're new to the buying process - agreed a price, but the selling agent has warned us that the owners will only issue a contract if we instruct the agent's recommended solicitors as they want an ‘expedited deal’. We would rather use a local conveyancer used to conveyancing in North West London
We suspect that the seller is unaware of this request. Should the owner desire ‘a quick sale', turning down a serious buyer is likely to cause more damage than good. Avoid the agents and go straight to the owners and make the point that (a)you are motivated buyers (b)you are ready to go, with mortgage lined up © you are chain free (d) you intend to proceed fast (e)however you intend to appoint your own,trusted North West London conveyancing firm - not the ones that will provide the negotiator at the agency a introducer fee or achieve conveyancing targets demanded by senior management.