My solicitor has discovered a defect with the lease for the apartment we are purchasing in Castle Cary. The seller’s lawyers have suggested title insurance as a solution. We are happy with insurance and will cover the costs. Our solicitor has advised that he must be satisfied that the mortgage company 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 potential for a conflict of interest, you and the lender are the client. Your conveyancing practitioner 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.
At what point will exchange of contracts happen for domestic conveyancing in Castle Cary and do I need to attend the conveyancers branch?
Where you are local to one of the conveyancing solicitors in Castle Cary you are invited in to sign documents. However, the law practices we recommend supply countrywide coverage for conveyancing and provide as equally comprehensive and professional a job for you when communicating with you electronically. The signing of the contract is not the important part. A signed contract is just a prerequisite for the solicitor to address the formalities at the appropriate time, which is ordinarily shortly after signing. The procedure is is usually a five minute process, although where a lengthy "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Castle Cary)to be in the office at the appropriate time.
My husband and I wish to acquire a newbuild flat in Castle Cary with a mortgage from Halifax.We would like to retain our Castle Cary conveyancing lawyer but Halifax says he's not on their approved list of firms. It seems we are left with no choice but to instruct a Halifax panel lawyer or keep our preferred solicitor and pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. The loan issued to you contains terms and conditions, one of which will be that lawyers needs to be on the Halifax solicitor panel. in the past, most mortgage companies had large numbers of solicitors 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 Halifax
I need some quick conveyancing in Castle Cary as I am under an ultimatum to exchange contracts in less than 2 weeks. A home loan is not required. Can I decline from having conveyancing searches to save fees and time?
If.Given you are are a mortgage free purchaser you are at liberty not to do searches although no conveyancer would suggest that you don't. With lots of history conveyancing in Castle Cary the following are examples of issues that can be revealed and adversely impact future saleability: Enforcement Notices, Outstanding Charges, Outstanding Grants, Road Schemes,...
Due to the input of my in-laws I had a survey completed on a house in Castle Cary before appointing solicitors. I have been informed that there is a flying freehold overhang to the house. Our surveyor has said that some mortgage companies will refuse to issue a mortgage on a flying freehold property.
It varies from the lender to lender. Lloyds has different requirements for example to Nationwide. Should you wish to call us we can investigate further via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Castle Cary. Conveyancing will be smoother if you use a solicitor in Castle Cary especially if they are familiar with such properties in Castle Cary.