My lawyer has identified a a legal deficiency with the lease for the property we are buying in Nunthorpe. The seller’s lawyers have suggested defective title insurance as a solution. We are content with insurance and will cover the costs. Our solicitor has advised that he must check that the lender is happy with this solution. Are we the client or is the mortgage company ?
Even though you have a mortgage offer from the mortgage company does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the lender are the client. The appropriate lender specifications have to be complied with.
I'm buying my first flat in Nunthorpe with a loan from Lloyds TSB Bank. The developers refused to move on the price so I negotiated £7000 of fixtures and fittings instead. The house builders rep told me not disclose to my lawyer about the side-deal as it would jeopardize my loan with the lender. Do I keep my lawyer in the dark?.
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.
I am looking to sell my home. My former solicitors have shut. I would be grateful for any recommendation of a conveyancing firm. I happen to live in Nunthorpe if that makes things easier.
Do use our search tool to help you find a solicitor for your conveyancing in Nunthorpe. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move goes smoothly.
Is it best to choose a Nunthorpe conveyancing lawyer based in the vicinity that I am purchasing? We have a good friend who can deal with the legal formalities however they are based 200kilometers away.
The primary upside of using a high street Nunthorpe conveyancing firm is that you can pop in to execute paperwork, deliver your identification documents and apply pressure on them where appropriate. Having local Nunthorpe know how is a plus. That being said nothing is more important than finding someone that will pull out all the stops for you. If if people you trust used your friend and they were content that should surpass using an unfamiliar Nunthorpe conveyancing solicitor just because they are round the corner.
My wife and I are acquiring a 2 bedroom flat in Nunthorpe. When we first instructed conveyancing practitioner, we were told they were on all mainstream mortgage company panels. The mortgage broker emailed just now to advise that they are not on the Clydesdale approved list. Should that be true, what should we do? Should we just find a different property lawyer that is on their panel or do we pay for dual representation, with Clydesdale selecting their own approved conveyancer.
When purchasing a property with the benefit of a mortgage it is conventional for the purchaser’s solicitors to also represent the mortgage company. In order to act for a bank or building society a lawyer has to be on that lender's list of approved lawyers. An application has to be made by the conveyancer to the lender to become a member of the lender's panel and there are increasingly strict conditions which the solicitor has to meet. Some mortgage companies now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact Clydesdale and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on Clydesdale's conveyancing panel as you are at liberty to use your preferred Nunthorpe lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.