My conveyancer has discovered a a problem with the lease for the property we are buying in Gravesend. The seller’s lawyers have suggested title insurance as a solution. We are happy with insurance and will cover the costs. Our conveyancing practitioner says that he must be satisfied that the bank is content 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 mortgage company are the client. Your conveyancer 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 lender 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.
We note that you have a post code search directory identifying solicitors on the HSBC conveyancing panel. Do companies pay you a commission if I instruct them for our own conveyancing in Gravesend?
We are a listing service only for law firms wishing to communicate if they are on the HSBC conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Gravesend.
I have been told that property searches are the primary reason for obstruction in Gravesend conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released conclusions of a review by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of delays during the legal transfer of property. Searches are unlikely to feature in any delay in conveyancing in Gravesend.
I've recently found out that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a quick, chain free conveyancing. Gravesend is the location of the property. Is there any advice you can give?
Flying freeholds in Gravesend are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Gravesend you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Gravesend may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I need to retain a conveyancing solicitor for some conveyancing in Gravesend. I've stumble across a web site which appears to be the perfect answer If there is a chance to get all this stuff done via phone that would be ideal. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?