My conveyancer has discovered a defect with the lease for the flat we are buying in Penrhyndeudraeth. The other side have put forward defective title insurance as a workaround. We are content with insurance and will cover the costs. Our property lawyer has advised that he must be satisfied that the bank is happy 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 lender are the client. Your conveyancer 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 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.
Completed the sale of my flat in Penrhyndeudraeth last February yet the purchaser is e-mailing daily to say his lawyer is waiting to hear from mysolicitor. What should my lawyer have done now that I have sold?
Following your disposal your lawyer should forward the transfer deeds and all of the paperwork to the buyer’s conveyancer. Depending on the transaction, your conveyancer should also confirm that the mortgage has been discharged to the buyers lawyers. There are no post completion formalities just for conveyancing in Penrhyndeudraeth.
Will my conveyancing lawyers need to check that the building insurance for my purchase of a house in Penrhyndeudraeth. My lender is The Mortgage Works
The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 6/7/2019, the requirements read as follows :
I have been told that property searches are the number one cause of stalling in Penrhyndeudraeth conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not feature within the most frequent causes of hindrances in the conveyancing process. Searches are not likely to feature in any slowing down conveyancing in Penrhyndeudraeth.
I am 18 days into a residential purchase having been recommend to a firm by the high street agent to handle our conveyancing in Penrhyndeudraeth. I am not happy. Could you you assist me in finding new solicitors?
A lawyer would have to be very bad in order to consider changing them. Has the mortgage been sent? In the event that it has you must make them aware of the new contact details and ensure the mortgage documents are re-sent. Your new conveyancer should be on the banks approved list to avoid added costs and delays. That should be your first question of the new solicitors. The find a solicitor tool should assist you in finding a bank approved solicitor for your conveyancing in Penrhyndeudraeth