My solicitor has uncovered a a problem with the lease for the apartment we are buying in Paignton. The seller’s lawyers have offered title insurance as a workaround. We are happy with insurance and will pay for it. Our property lawyer has advised that he must check that the bank is willing to move forward with this solution. Who is the client here, us or the lender?
Regardless of the fact that you have a mortgage offer from the lender 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 requirements. You and the bank are the client. These conveyancing instructions must be adhered to.
We wanted to use a conveyancing solicitor in Paignton for our house purchase. Our financial adviser has since advised us that our bank Chelsea Building Society won't deal with them. Surely this is unduly restrictive?
Mortgage Companies in the main restrict either the type or the volume of conveyancing practices on their panel. A common example of such restriction(s) being that a firm must have two or more partners. As well as restricting the type of firm, a few banks have limited the amount of solicitor practices they use to represent them. Be aware that Chelsea Building Society have no responsibility for the quality of advice provided by any member of Chelsea Building Society Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of solicitor panels since 2008 even though there remains mixed opinions regarding the level of solicitor engagement in some of that fraud. Figures from the Land Registry indicate that hundreds of law firms, including some in or near Paignton only conduct very few conveyances per annum.
Do commercial conveyancing searches reveal impending roadworks that may impact a commercial site in Paignton?
Its becoming the norm that commercial conveyancing solicitors in Paignton will execute a SiteSolutions Highways report as it reduces the time that conveyancers invest in researching accurate data on highways that impact buildings and development assets in Paignton. The search result provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Paignton.
For each commercial conveyancing transaction in Paignton it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately can cause delays to Paignton commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not conducted for residential conveyancing in Paignton.
My wife and I purchased a terraced Victorian property in Paignton. Conveyancing solicitor acted for me and Nationwide Building Society. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, another for leasehold under the matching property. Is it worth asking Nationwide Building Society to clarify?
You need to assess 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 owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Paignton and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the position with the conveyancing practitioner who conducted the work.
I am buying my first flat in Paignton with a mortgage from National Westminster Bank. The developers would not budge the amount so I negotiated 6k of extras instead. The sale representative advised me not to tell my lawyer about this side-deal as it may impact my mortgage with National Westminster Bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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.