We are buying a 2 bedroom apartment in Tiptree with a mortgage. We wish to retain our Tiptree solicitor, but the bank advise he's not on their "panel". We have to appoint one of the lender panel conveyancing practices or keep our Tiptree conveyancer as well as pay for one of their panel lawyers to represent them. This seems very unfair; are we not able to insist that the bank use our Tiptree lawyer ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Tiptree conveyancing solicitor to apply to be on the conveyancing panel.
Our solicitor has uncovered a a legal deficiency with the lease for the flat we are buying in Tiptree. The other side have suggested defective title insurance as a solution. We are content with insurance and will pay for it. Our solicitor says that he must check that the bank is content with this solution. Are we the client or is the lender?
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 solicitor 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 conveyancer will have no choice but to discontinue acting for you.
As someone clueless as to the Tiptree conveyancing process what is your top tip you can impart concerning the ownership transfer in Tiptree
Not many law firms shout this from the rooftops but conveyancing in Tiptree and elsewhere in England and Wales is often a confrontational experience. In other words, when it comes to conveyancing there exists lots of room for confrontation between you and others involved in the transaction. E.g., the vendor, estate agent and on occasion the bank. Appointing a law firm for your conveyancing in Tiptree is a critical decision as your conveyancer is your adviser, and is the SOLE party in the process whose interest is to look after your legal interests and to protect you.
Sometimes a third party with a vested interest may attempt to convince you that it is in your interests to do things their way. For example, the property agent may claim to be helping by suggesting your lawyer is dragging his heels. Or your financial adviser may advise you to do something that is against your conveyancers guidance. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
Have completed on a a terraced house in Tiptree , What is the estimated time for the Land Registry to register my proprietorship? My Tiptree conveyancing solicitor has been very slow, so I want to be sure the registration is dealt with.
As far as conveyancing in Tiptree registration is no quicker or slower than the rest of England and Wales. Rather than based on location, timescales can differ according to who lodges the application, whether it is in order and if the Land registry communicate with any other persons or bodies. Currently roughly 80% of such applications are completed within 12 days but some can be subject to longer delays. Registration is effected once the buyer has moved in to the property thus 'speed' is not usually primary concern yet where there is a degree of urgency associated with the registration then you or your solicitor must communicate with the Registry to express the reasoning for the application to be prioritised.
I'm buying my first flat in Tiptree with a loan from Barnsley Building Society. The developers would not budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent advised me not to tell my lawyer about this extras as it may affect my mortgage with Barnsley Building Society. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.