My solicitor has uncovered a defect with the lease for the apartment we are purchasing in Kings Langley. The seller’s lawyers have offered defective title insurance as a solution. We are happy with insurance and will pay for it. Our property lawyer has advised that he must ensure that the lender is happy with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your conveyancing practitioner 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 conveyancer will have no choice but to discontinue acting for you.
In what way does my ID and proof of funds have anything to do with my conveyancing in Kings Langley? Is this really necessary?
It is indeed that case that the requirement set out by your lawyer has nothing to do with conveyancing in Kings Langley. Nowadays you will not be able to complete any conveyancing process in the absence handing over evidence of your identity. This usually takes the form of a either your passport or driving licence and a council tax bill. Please note that if you are supplying your driving licence as proof of identification it must be both the paper part and photo card part, one is not satisfactory in the absence of the other.
Evidence of the source of money is required in accordance with the Money Laundering Regulations. You should not be offended when when this is requested of you as your conveyancer must have this information on file. Your Kings Langley conveyancing solicitor will need to see evidence of proof of funds prior to accepting any funds from you into their client account and they may also ask additional queries concerning the source of funds.
Is it the case that all Kings Langley conveyancing solicitors on the UBS conveyancing panel are regulated by the SRA?
As solicitors, in order to be on the UBS conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. The majority of lenders do permit licenced conveyancers on their panel in which case such firms would be governed by the CLC.
I am expecting a OIP from Leeds Building Society this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Leeds Building Society recommend any Kings Langley solicitors on the Leeds Building Society conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Kings Langley solicitors independently although you'll need to choose one on the Leeds Building Society conveyancing panel. The solicitor represents both you and Leeds Building Society through the process.
Having digested plenty of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Kings Langley solicitor - who is on the Lloyds conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Lloyds will need an independent valuation of the property. Your lawyer will not arrange this. Usually Lloyds will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Kings Langley surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Will my lawyer be raising questions concerning flooding during the conveyancing in Kings Langley.
Flooding is a growing risk for lawyers dealing with homes in Kings Langley. Some people will buy a house in Kings Langley, completely aware that at some time, it may be flooded. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to offer advice on flood risk, but there are a various searches that can be carried out by the purchaser or by their conveyancers which will give them a better appreciation of the risks in Kings Langley. The conventional set of completed inquiry forms supplied to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the seller to determine if the premises has suffered from flooding. If the premises has been flooded in past which is not disclosed by the owner, then a buyer may commence a legal claim for losses as a result of such an incorrect response. A purchaser’s solicitors will also commission an environmental search. This should reveal whether there is a recorded flood risk. If so, additional investigations will need to be carried out.
I'm refinancing my primary property to a buy to let mortgage with Leeds Building Society and I will use the rest of the raised equity as a down payment on another property. The neighborhood we are talking about is Kings Langley. Will your solicitors be able to act for the two mortgage companies and tie in the conveyances?
Do use our comparison tool on this site to be sure that the solicitors are on the appropriate lender panels. On the basis that they are the solicitor should be able to tie up the two deals but you should have a chat with you conveyancer and communicate your desired outcome and requirements.