My solicitor has discovered a defect with the lease for the property we are buying in West Wittering. The other side have put forward defective title insurance as a solution. We are content with insurance and will cover the costs. Our property lawyer says that he must be satisfied that the bank is content with this solution. Are we the client or is the bank?
Even though you have a mortgage offer from the mortgage company does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the mortgage company are the client. The appropriate lender specifications have to be complied with.
Can you explain why leasehold purchase conveyancing in West Wittering is more expensive?
In summary, leasehold conveyancing in West Wittering and West Sussex usually necessitates more due diligence compared to freehold transactions. This includes reviewing the lease, liaising with the landlord about the service of required notices, procuring current service charge and management information, obtaining the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.
My fiance and I are hoping to buy a 1 bedroom apartment in West Wittering with a loan from National Westminster Bank.We like our West Wittering conveyancing practitioner but National Westminster Bank says she’s not listed on their approved list of member firms. We have to appoint a National Westminster Bank panel solicitor or retain our local solicitor and fork out for a National Westminster Bank panel lawyer to act for them. This seems very unfair; is there anything we can do?
Unfortunately,no. The home loan offered to you is subject to its terms and conditions, a common one being that solicitors must be on the National Westminster Bank approved list. in the past, most lenders had large numbers of law firms on their panels: a borrower could find 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. A further alternative is for your solicitors to apply to be on the conveyancing panel for National Westminster Bank
I'm refinancing my existing house to a buy to let mortgage with Lloyds TSB Bank and intend to use the remaining equity towards another house. The area we are talking about is West Wittering. Will your lawyers be able to act for both sets of banks and tie in the transactions?
Do use our search tool on this site to check that the solicitors are on the appropriate lender panels. Having checked that they are your conveyancer should be able to connect the two transactions but you should talk with you solicitor and make clear your expectations and requirements.
Do I cancel my mortgage payments with Nationwide as soon as a completion date for my home sale in West Wittering has been agreed?
No, you must keep paying any mortgage sums to Nationwide pending the mortgage being discharged on completion as part of your West Wittering conveyancing.