Our conveyancer has discovered a a problem with the lease for the apartment we are buying in Kensal Rise. The other side have suggested defective title insurance as a solution. We are content with insurance and will cover the costs. Our solicitor has advised that he must check that the mortgage company is content with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your conveyancing practitioner 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 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 solicitor will have no choice but to discontinue acting for you.
I have been recommended a conveyancing solicitor in Kensal Rise. I I am struggling to find out if they are on the HSBC Bank conveyancing panel. Can you assist?
You should e-mail the lawyer and ask them whether they can act for the bank. Alternatively you should call HSBC Bank who may be able to confirm.
My husband and I have organised the release of further funds on our home loan from Nottingham as we intend to conduct renovations to our property in Kensal Rise. Do we need to appoint a nearby Kensal Rise solicitor on the Nottingham conveyancing panel to handle the paperwork?
Nottingham don't usually instruct firms on their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Nottingham conveyancing panel.
I had a mortgage agreed in principle with Santander. Kensal Rise conveyancing lawyers are chosen. What is the average time that one could expect to receive a mortgage offer from Santander?
There is no definitive answer here. Have Santander completed the survey? Have you informed Santander as to your lawyers' details and checked that your lawyers are on the Santander conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
Intending to buy a maisonette in Kensal Rise. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Clydesdale conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Kensal Rise conveyancer is on the Clydesdale conveyancing panel.
I have been told that property searches are a common cause of delay in Kensal Rise conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of hindrances during the legal transfer of property. Searches are not likely to feature in any holding up conveyancing in Kensal Rise.
I have been on the look out for a flat up to £305k and found one near me in Kensal Rise I like with amenity areas and station nearby, however it only has 51 remaining years left on the lease. I can't really find anything else in Kensal Rise suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a mortgage the shortness of the lease may be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.