Our lawyer has discovered a a problem with the lease for the property we are purchasing in Brimsdown. The seller’s lawyers have put forward title insurance as a workaround. We are content with insurance and will cover the costs. Our property lawyer has advised that he must ensure that the lender is happy with this solution. Who is the client here, us or the bank?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the bank are the client. These conveyancing instructions have to be complied with.
Having sold my house in Brimsdown last January but the buyer keeps telephoning every few hours to moan that their conveyancer is waiting to hear from mine. What should my lawyer have done now that I have sold?
Post completion of your sale your solicitor is obliged to send the transfer documentation and all of the paperwork to the purchaser's lawyers. Where relevant, your conveyancer should also evidence that the mortgage has been discharged to the purchasers solicitors. There is unlikely to be post completion tasks specific conveyancing in Brimsdown.
I am considering applying for a Barclays mortgage for purchase of a newly converted (under development) in Brimsdown with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Barclays ?
There is nothing to stop you using your solicitor, but Barclays will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
I am buying a new build house in Brimsdown with the aid of help to buy. The builders would not budge the price so I negotiated £7000 of additionals instead. The house builders rep suggested that I not inform my lawyer about this deal as it could adversely affect my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.
In surfing the web for the term cheap conveyancing in Brimsdown it brings up numerous property lawyersin the vicinity. With so much choice what is the best way to find the suitable solicitor for purchase transaction?
The preferential way of seeking the right conveyancer is via personal referral, so ask colleagues and those you trust who have purchased a property in Brimsdown or a local estate agent or financial adviser. Fees for conveyancing in Brimsdown differ, so it's advisable to request at least four fee calculations from varying types of companies. Make sure that you clarify that the fees are fixed.