Our lawyer has identified a defect with the lease for the apartment we are buying in Hoole. The other side have offered defective title insurance as a solution. We are happy with insurance and will cover the costs. Our property lawyer has advised that he must check that the mortgage company is happy with this solution. Who is the client here, us or the mortgage company ?
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 specifications. 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 lawyer will have no choice but to discontinue acting for you.
I had intended to instruct a conveyancing solicitor in Hoole for our home move. Our broker has since notified us that our mortgage lenders Nationwide Building Society won't deal with them. Surely this is unduly restrictive?
Mortgage Companies tend to imposes restrictions either the type or the amount of conveyancing practices on their approved list of lawyers. A common example of such criteria being that a law practice must not be a sole practitioner. As well as restricting the profile of firm, a few banks have reduced the amount of solicitor practices they use to represent them. You should note that Nationwide Building Society have no responsibility for the quality of advice provided by any member of Nationwide Building Society Conveyancer Panel. Mortgage fraud was a key driver in the reduction of solicitor panels since 2008 even though there remains mixed opinions about the level of solicitor engagement in some of that fraud. Statistics from the Land Registry indicate that hundreds of law firms, including some in or near Hoole only perform very few conveyances a year.
The deeds to my home can not be found. The solicitors who dealt with the conveyancing in Hoole 4 years ago no longer exist. What are my next steps?
Gone are the days when you need to hold title official documentation to establish that you are the registered proprietor of land or property, given that the Land Registry hold details of all registered land or property electronically.
Due to the advice of my in-laws I had a survey completed on a property in Hoole ahead of retaining solicitors. I have been informed that there is a flying freehold aspect to the property. My surveyor has said that some lenders will refuse to give a mortgage on this type of home.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Halifax. Should you wish to call us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Hoole. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Hoole to see if the conveyancing will be more expensive.
I was recommended by a number of property agents in Hoole to locate a property lawyer on your site. Is there a financial inducement for Estate Agents to promote your lawyers over and above alternative conveyancing organisations?
We refuse to make any commission for pointing buyers and sellers to this site. We thought it would be too underhand a fee as members of the public would think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.