My solicitor has uncovered a defect with the lease for the flat we are purchasing in Walthamstow. The other side have offered defective title insurance as a solution. We are happy with insurance and will pay for it. Our property lawyer says that he must check that the bank is willing to move forward with this solution. Are we the client or is the bank?
Notwithstanding 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 specifications. You and the bank are the client. These conveyancing instructions have to be complied with.
Why is leasehold purchase conveyancing in Walthamstow is more expensive?
Walthamstow leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
Can you clarify what the consequences are if my lawyer’s firm is removed from the Leeds Building Society Solicitor panel ahead of completing my conveyancing in Walthamstow?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I had a mortgage agreed in principle with Clydesdale. Walthamstow conveyancing solicitors are instructed. What is the average time that one could expect to receive a mortgage offer from Clydesdale?
Some lenders take longer than others. Have Clydesdale done the survey? Have you advised Clydesdale as to your lawyers' details and checked that your lawyers are on the Clydesdale conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I was told three weeks ago that my mortgage has been agreed to by Yorkshire BS. Is it usual for Yorkshire BS to only issue the offer once my solicitor in Walthamstow is approved on their conveyancing panel? Yorkshire BS have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Yorkshire BS to deal with your lawyer's application to be on the Yorkshire BS conveyancing panel. There's no guarantee that your solicitor will be accepted.
Clydesdale have agreed my mortgage in principle, my offer on a flat in Walthamstow has been agreed to, what are the next steps?
Your estate agent will wish to know who your solicitors are (ensure that the property lawyers are on the lender’s panel). Call up Clydesdale or the financial adviser and finalise any appropriate paperwork. Clydesdale will sellect a valuer who will get in contact with the selling agent or seller to schedule a slot for the valuation to happen. Once carried out (assuming no problems) it takes approximately a fortnight to get a mortgage offer. Clydesdale will send the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Walthamstow.
I was recommended by three or four local property agents in Walthamstow to locate a conveyancer using your seach tool. Is there a financial advantage for Estate Agents to recommend your lawyers over a competitor’s?
We refuse to make any financial incentive for pointing buyers and sellers in our direction. We found it would be just too difficult a fee because members of the public would think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.