Our lawyer has identified a a problem with the lease for the apartment we are purchasing in Greenhithe. The other side have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancer says that he must ensure that the lender is content with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook provisions. 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 conveyancing practitioner will have no choice but to discontinue acting for you.
My property lawyer in Greenhithe is not listed on the Accord Mortgages Ltd Conveyancing Panel. Is it possible for me to retain my family solicitor notwithstanding that they are excluded from the Accord Mortgages Ltd approved list?
Your options are as follows:
- Carry on with your existing Greenhithe solicitors but Accord Mortgages Ltd will need to instruct a lawyer on their list of acceptable firms. This will result in additional total conveyancing charges and cause frustration.
- Choose a new lawyer to to deal with the conveyancing, obviously checking they are on the Accord Mortgages Ltd panel
Me and my partner are purchasing a house in Greenhithe. I might seem paranoid but how we can trust a lawyer? On the day of competition we will need to put our life savings into their account. What is the protection we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I am buying a victorian detached house in Greenhithe. The intention is to convert the garage to a playroom at the house.Will the conveyancing process involve investigations to ascertain if these alterations are allowed?
Your conveyancer will check the deeds as conveyancing in Greenhithe can occasionally reveal restrictions in the title documents which prohibit categories of works or require the permission of a 3rd party. Certain extensions require local authority planning permissions and approval in accordance building regulations. Some areas are designated conservation areas and special planning restrictions apply which often prevent or affect extensions. It would be prudent to check these things with a surveyor prior to committing yourself to a purchase.
Is it correct that all Greenhithe CQS (Conveyancing Quality Scheme) solicitors are on the Principality conveyancing list of approved solicitors?
It is true that some lenders now use CQS as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their approved list of firms.
It has been three months following my purchase conveyancing in Greenhithe concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £180,000. 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 property 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.
I am looking for a flat up to £305k and identified one near me in Greenhithe I like with amenity areas and station nearby, the downside is that it's only got 49 years unexpired on the lease. There is not much else in Greenhithe in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a home loan the remaining unexpired lease term will likely be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you may request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.