My conveyancer has identified a a problem with the lease for the property we are purchasing in Saxmundham. The other side have suggested defective title insurance as a workaround. We are happy with insurance and will pay for it. Our solicitor has advised that he must check that the bank 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 risk of a conflict of interest, you and the bank are the client. Your property lawyer 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 property lawyer will have no choice but to discontinue acting for you.
We note that you have a post code search directory listing firms on the Santander conveyancing panel. Do firms pay you a commission if I instruct them for our own conveyancing in Saxmundham?
We are a listing service only for law firms wishing to communicate if they are on the Santander conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Saxmundham.
My uncle informed me that in buying a property in Saxmundham there could be a number of restrictions prohibiting external changes to a property. Is this right?
We are aware of anumerous of properties in Saxmundham which have some sort of restriction or requirement of consent to carry out external alterations. Part of the conveyancing in Saxmundham should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I have a mortgage with Virgin Money for my property in Saxmundham. Conveyancing has been completed a year ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Virgin Money?
Virgin Money must be informed of your intention in advance of renting your property as this is likely to be a breach of Virgin Money’s mortgage conditions. It may be that Virgin Money will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Virgin Money directly. It should not be necessary to do this via a Virgin Money conveyancing panel solicitor.
After what seems like an age I have had an offer on an apartment in Saxmundham agreed to, the sellers do nevertheless have a tied purchase. The vendors have offered on a property, however it’s not been accepted yet, and are looking at other flats in the pipeline. I have selected a bricks and mortar conveyancing solicitor in Saxmundham. What do I do now? When do I get the mortgage application with Leeds Building Society going?
It is normal to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is in the region of £1k, then survey, Saxmundham conveyancing search fees, etc). First, you should ensure that your conveyancing practitioner is on the Leeds Building Society approved list. Concerning the subsequent steps this very much dictated by the circumstances of your transaction, motivation for the property and on the state of the market. During a hot market some home buyers will apply for the mortgage with Leeds Building Society and arrange for the valuation and only if it comes back ok would they ask their lawyer to proceed with searches.
Various online forums that I have frequented warn that are the main cause of delay in Saxmundham house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not figure within the most frequent causes of delays in the conveyancing process. Local searches are unlikely to feature in any holding up conveyancing in Saxmundham.
What are my options where I am dissatisfied with the lawyer who did our conveyancing in Saxmundham?
Occasionally the level of service you receive is not as you expect, and is is a fact of life that sometimes matters do not go as planned. Nevertheless there is recourse where you were dissatisfied with your conveyancing in Saxmundham. This varies from trying to resolve matters directly with them, through to reporting a lawyer to their regulator. If you remain dissatisfied you may consider enlisting the help of the Legal Ombudsman.