My conveyancer has identified a a problem with the lease for the property we are purchasing in Tilbury. The seller’s lawyers have put forward defective title insurance as a solution. We are happy with insurance and will pay for it. Our lawyer says that he must be satisfied 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 lender 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 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 conveyancing practitioner will have no choice but to discontinue acting for you.
I am considering applying for a Barclays mortgage for purchase of a newly converted (under development) in Tilbury with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Barclays ?
In theory, you could use a solicitor that is not on the Barclays conveyancing panel, but Barclays would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
Forgive me if this question is silly but I am wet behind the ears as FTB of a garden flat in Tilbury. Do I collect the keys to the house on the completion date from my solicitor? If so, I will find a High Street conveyancing solicitor in Tilbury?
On the day of completion you will not be required to attend the conveyancers office in Tilbury. Your solicitors will arrange to send the purchase money to the seller's solicitors, and once they have received this, you should be invited to collect the keys from the property Agents and move into your new home. This tends to happen early afternoon.
We have a mortgage agreed in principle with Leeds Building Society. Tilbury conveyancing lawyers were selected. What is the average time that one could expect to receive a mortgage offer from Leeds Building Society?
There is no definitive answer here. Have Leeds Building Society completed the valuation? Have you advised Leeds Building Society as to your lawyers' details and checked that your lawyers are on the Leeds Building Society conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I have paid off my mortgage with Leeds Building Society. I assume I don't need a Tilbury conveyancer on the Leeds Building Society panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Leeds Building Society mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Leeds Building Society mortgage from the register. Leeds Building Society, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Leeds Building Society has sent the Land Registry the discharge electronically, and
- Leeds Building Society has instructed the Land Registry to do so
It has been 3 months following my purchase conveyancing in Tilbury completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
My husband and I are novice buyers - had an offer accepted, yet the estate agent has warned us that the vendor will only proceed if we use their recommended lawyers as they are insisting on an ‘expedited deal’. My instinct tells me that we should use a family conveyancer accustomed to conveyancing in Tilbury
We suspect that the owner is unaware of this ultimatum. Should the seller require ‘a quick sale', alienating a motivated purchaser is likely to cause more damage than good. Speak to the vendors direct and explain that (a)you are keen to buy (b)you are ready to progress, with finances in place © you are chain free (d) you intend to proceed fast (e)however you are going to instruct your own,trusted Tilbury conveyancing lawyers - not the ones that will provide their negotiator at the agency a commission or hit his conveyancing targets demanded by corporate headquarters.