My lawyer has identified a defect with the lease for the property we are purchasing in Ombersley. The seller’s lawyers have offered defective title insurance as a workaround. We are content with insurance and will cover the costs. Our solicitor says that he must be satisfied that the bank is content with this solution. Are we the client or is 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 solicitor 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 bank 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 lawyer will have no choice but to discontinue acting for you.
I need some expedited conveyancing in Ombersley as I am faced with pressure to exchange contracts within 4 weeks. A home loan is not required. Is it possible to decline from having conveyancing searches to save money and time?
As you are not obtaining a home loan you are at liberty not to have searches conducted although no solicitor would recommend that you don't. With lots of history conveyancing in Ombersley the following are examples of what can appear and therefore impact the marketability of the property: Enforcement Notices, Overdue Charges, Outstanding Grants, Road Schemes,...
Due to the input of my in-laws I had a survey completed on a house in Ombersley in advance of retaining conveyancers. I have been told that there is a flying freehold aspect to the property. The surveyor advised that some mortgage companies tend refuse to grant a mortgage on such a premises.
It depends who your proposed lender is. Bank of Scotland has different requirements from Halifax. Should you wish to telephone us we can look into this further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Ombersley. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Ombersley to see if the conveyancing will be more expensive.
How simple is it to transfer to a new firm as I have to appoint one who is on the Barclays conveyancing panel. I hired a local conveyancing solicitor in Ombersley five minutes from me but she is not approved by Barclays
It would be our pleasure to help you select a conveyancing solicitor in Ombersley on the Barclays panel. Please note that the property lawyers that we list do not pay us a referral fee if you instruct them and are fully regulated by the Solicitors Regulation Authority who oversee all conveyancing solicitors in Ombersley. Using search facility on this page, you can compare and instruct different solicitors and conveyancers both nationally and in Ombersley.
Me and my husband are selling a Ombersley apartment left to us some years ago in 2012. I have over a decades worth of conveyancing know-how and, now retired, intend to carry out the legal work. The buyer's conveyancing practitioner has informed me that their Lenders will not allow us to do our own conveyancing as they require the funds to be sent to a solicitor's bank account.
Lending requirements to solicitors from all mainstream lenders state that If the seller is not legally represented the purchaser’s lawyers should check whether the lender needs to be notified so that a decision can be made if they are willing to proceed.