Our lawyer has identified a defect with the lease for the apartment we are purchasing in Thamesmead. The seller’s lawyers have put forward title insurance as a workaround. We are happy with insurance and will pay for it. Our says that he must check that the lender is happy 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 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 lender 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 will have no choice but to discontinue acting for you.
We are planning to purchase with . I went into a couple of high street solicitors but cant to find a Thamesmead conveyancing firm on the panel. Can you help?
Please do take advantage of the search tool on this web page. Please choose the mortgage company and type Thamesmead or your location and you will see numerous solicitors offices in Thamesmead or nearest you.
is it true that all Thamesmead conveyancing solicitors on the conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the approved list of solicitors they would need to be overseen by the Solicitors Regulatory Authority. Some lenders do permit licenced conveyancers on their panel in which case such practice would be regulated by the Council of Licensed Conveyancers.
After weeks of negotiation I have agreed a price on a house in Thamesmead. My financial adviser pressured me to appoint their . I paid an upfront payment of £175. Not long after, the called me to say that they were not on the conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
About to purchase flat in Thamesmead. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Thamesmead is on the conveyancing panel.
How does conveyancing in Thamesmead differ for newly converted properties?
Most buyers of new build premises in Thamesmead come to us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is finished. This is because developers in Thamesmead tend to acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Thamesmead or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in a fortnight ago in what was supposed to be a quick, chain free conveyancing. Thamesmead is the location of the property. Can you shed any light on this issue?
Flying freeholds in Thamesmead are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Thamesmead you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Thamesmead may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.