My solicitor has discovered a a problem with the lease for the flat we are purchasing in Newent. The other side have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancing practitioner says that he must check that the lender is willing to move forward with this solution. Who is the client here, us or the lender?
Regardless of the fact that 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 requirements. You and the mortgage company are the client. These conveyancing instructions have to be complied with.
What does my ID and proof of funds have anything to do with my conveyancing in Newent? Is this really warranted?
Anti-terror and anti-money-laundering laws require solicitors and licensed conveyancers to verify the identity of the potential client they are dealing with before they can accept their conveyancing instruction. The Client Care letter that you need to sign should confirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Should you refuse to supply identification documents, your lawyer will not be able to take you on as a client.
The Newent conveyancing firm that I recently instructed on my house acquisition in Newent have without warning closed. I chose them because I needed a solicitor on the Lloyds conveyancing panel and my family Newent lawyer was not. I issued them a cheque for two hundred pounds in advance. What should be my next steps?
Assuming that you have an Estate Agent in the equation then let them know immediately so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Lloyds conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to help.
I just bought a house at auction in Newent. Conveyancing is required. What is next?
Given that you have now to all intents and purposes signed on the dotted line you should retain a conveyancing lawyer as a matter of urgency as you are facing a fast approaching a drop dead date to complete the transaction. Every auction property should have a corresponding legal set of papers. This should include evidence of title and search results. In the case of leasehold premises the auction pack may contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation pertinent to leasehold premises. You should pass this on to your appointed conveyancing solicitor as soon as possible. You also need to ensure that that you have the requisite funding in place to complete the transaction on the set completion date.
I can not work out if my mortgage offer requires a lease extension. I have called my Newent building society branch on numerous occasions and was told they are content with the situation and they will lend. My Newent conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Your conveyancer has to follow the CML Handbook section two requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
I was told four weeks ago that my mortgage has been agreed to by TSB. Is it usual for TSB to only issue the offer once my solicitor in Newent is approved on their conveyancing panel? TSB have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for TSB to deal with your lawyer's application to be on the TSB conveyancing panel. There's no guarantee that your solicitor will be accepted.
As co-executor for the will of my grandmother I am selling a property in Neath but reside in Newent. My conveyancer (who is 260 miles awayneeds me to execute a stat dec before completion. Can you recommend a conveyancing lawyer in Newent who can witness this legal document for me?
Technically speaking you should not be required to have the documents witnessed by a conveyancing solicitor. Ordinarily any notary public or qualified solicitor will do regardless of whether they are located in Newent