My lawyer has discovered a a problem with the lease for the flat we are purchasing in Woodbury. The seller’s lawyers have suggested defective title insurance as a solution. We are content with insurance and will pay for it. Our lawyer says that he must ensure that the lender 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 risk of a conflict of interest, you and the lender are the client. Your conveyancing practitioner 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 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.
When researching moneysavingexpert.com for a high-quality lawyer in Woodbury, many say that I must look for a CQS accredited lawyer. What is CQS?
The Law Society's Conveyancing Quality Scheme is the recognised quality mark for legal experts in home ownership transfers, trusted by some of the UK's major mortgage companies. In 2011-12 the Conveyancing Quality Scheme was officially recognised by the Legal Ombudsman. The scheme does not cover licenced conveyancers. Woodbury is one of the numerous areas in England and Wales where there are Accredited lawyers.
I'm buying a new build house in Woodbury benefiting from help to buy. The developers would not budge the amount so I negotiated 6k of fixtures and fittings instead. The sale representative advised me not to tell my lawyer about the deal as it will jeopardize my loan with Platform Home Loans Ltd. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in last month in what was supposed to be a simple, no chain conveyancing. Woodbury is where the house is located. What do you suggest?
Flying freeholds in Woodbury 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 Woodbury you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Woodbury 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 residence.
Do I have to visit the offices of the lender conveyancing panel solicitor to execute the mortgage deed? If so, I will instruct a firm who offer conveyancing in Woodbury so that I can pop in to their offices when needed.
Most conveyancing panel lawyers for the mortgage company undertake conveyancing via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. YOu dont have to use a conveyancing solicitor in Woodbury. it would nevertheless be wise to check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.