Our solicitor has identified a defect with the lease for the flat we are buying in Shillington. The other side have offered title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancing practitioner has advised that he must check that the mortgage company is willing to move forward with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook provisions. 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 solicitor will have no choice but to discontinue acting for you.
We are planning to acquire a flat and require a conveyancing solicitor in Shillington who is on the Co-operative approved panel. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Co-operative . We don't recommend any particular firms conducting conveyancing in Shillington.
My Solicitor in Shillington is not listed on the Chelsea Building Society Solicitor Panel. Is it possible for me to retain my prefered solicitor notwithstanding that they are not on the Chelsea Building Society panel?
Your options are as follows:
- Complete the purchase with your existing Shillington solicitors but Chelsea Building Society will need to use a lawyer on their panel. This will result in additional total conveyancing fees and result in delays.
- Find a new solicitor to to deal with the purchase, obviously checking they are on the Chelsea Building Society panel
I need some fast conveyancing in Shillington as I am under an ultimatum to exchange contracts within one month. Luckily I do not need a mortgage. Can I avoid the conveyancing searches to save money and time?
If.Given you are not obtaining a mortgage you are at free not to do searches although no conveyancer would recommend that you don't. With plenty of history conveyancing in Shillington the following are examples of what can show up and therefore affect future mortgageability: Enforcement Notices, Outstanding Fees, Outstanding Grants, Unadopted Roads,...
I have been on the look out for a ground for flat up to £305k and found one round the corner in Shillington I like with amenity areas and transport links in the vicinity, the downside is that it's only got 51 remaining years left on the lease. There is not much else in Shillington for this price, so just wondered if I would be making a grave error buying a short lease?
Should you need a home loan the remaining unexpired lease term may be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this.