Our solicitor has identified a a legal deficiency with the lease for the property we are purchasing in Potswood. The other side have suggested title insurance as a workaround. We are happy with insurance and will cover the costs. Our property lawyer says that he must ensure 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 lender are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook conditions. 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.
We previously chose solicitors locally in Potswood on the Principality solicitor panel. They have just invoiced me a further sum for handling the Principality mortgage. Is this a supplemental conveyancing fee set by Principality?
As unfair as it may appear, as long as it’s in their Terms of Engagement or Quote then yes your solicitor may levy a fee for this. This fee is not set by Principality but by your Potswood property lawyer. Plenty of firms on the Principality panel will quote an ‘acting for lender’ fee but some practices incorporate it on their overall fee.
We have agreed to purchase a house in Potswood. An unusual aspect is that the roof has a solar panel. Clydesdale have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Clydesdale your lawyer must check the conveyancing instructions contained in Part 2 of UK Finance Lenders’ Handbook for Clydesdale. The Council of Mortgage Lenders’ Handbook stipulates minimum conditions for solar panel roof-space leases, and conveyancers are required to report to Clydesdale where a lease does not meet these provisions. The requirements relate to the installation of panels on properties nationwide and is not limited to Potswood.
Having read lots 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 Potswood solicitor - who is on the Principality conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Principality will need an independent valuation of the property. Your lawyer will not arrange this. Usually Principality 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 Potswood 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.
My partner and I are close to exchanging contracts on the sale of our property in Potswood and according to the buyers it appears that there is a possibility that the property was constructed land that was not decontaminated. A local lawyer would know that there is no such problem. For the life of me I don't know why the purchasers used a factory type conveyancing practice rather than a conveyancing solicitor in Potswood. We have lived in Potswood for three years we know of no issue. Should we contact our local Authority to seek clarification need.
It sounds as though you may have a conveyancing firm already. What do they say? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
3 months have elapsed since my purchase conveyancing in Potswood concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on a fortnight ago in what was supposed to be a quick, no chain conveyancing. Potswood is where the house is located. Can you offer any assistance?
Flying freeholds in Potswood are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Potswood you must be sure that your lawyer goes 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 Potswood may determine 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 residence.