My solicitor has discovered a defect with the lease for the flat we are purchasing in Peasedown St John. The other side have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our property lawyer says that he must ensure that the mortgage company is willing to move forward with this solution. Who is the client here, us or the lender?
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 solicitor must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company 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 solicitor will have no choice but to discontinue acting for you.
How up to date is your search tool for Peasedown St John conveyancing solicitors on the Skipton conveyancing panel? Do Skipton send you an updated list?
Peasedown St John conveyancing firms themselves provide us confirmation that they are on the Skipton conveyancing panel as opposed to being supplied with a list from Skipton directly.
My uncle passed away six months ago and as sole heir and executor I was left the house in Peasedown St John. The house had a relatively small loan remaining of approximately £5k. I want to transfer the title deeds into my name whilst I re-mortgage to Coventry BS, pay off the mortgage. Is this possible?
If you intend to re-mortgage then Coventry BS will insist on your using a conveyancer on the Coventry BS conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Coventry BS conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Coventry BS mortgage is registered as a charge at the Land Registry.
How does conveyancing in Peasedown St John differ for newly converted properties?
Most buyers of new build residence in Peasedown St John come to us having been asked by the developer to sign contracts and commit to the purchase even before the premises is ready to move into. This is because developers in Peasedown St John usually purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Peasedown St John or who has acted in the same development.
Am I best advised to instruct a Peasedown St John conveyancing solicitor who is local to the property I am purchasing? We have a good friend who can handle the conveyancing however they are based approximately 350miles away.
The benefit of a high street Peasedown St John conveyancing firm is that you can attend the office to sign paperwork, hand in your ID and apply pressure on them where appropriate. They will also have local intelligence which is a plus. However it's more important to get someone that will pull out all the stops for you. If other friends have instructed your friend and they were happy that should trump using an unfamiliar Peasedown St John conveyancing solicitor just because they are round the corner.